In Thailand, the process of licensing projects ICO and companies that work with cryptocurrency. As we have already mentioned, the Commission on securities and exchange Commission (SEC) of Thailand asked 50 projects ICO and 20 Thai kryptomere who intend to become certified market participants.
As reported by the Bangkok Post, since in March the Ministry of Finance announced its intention to regulate the market, the SEC has faced the increasing interest in obtaining the appropriate licenses. However, how many projects will receive appropriate authority for issuance of funds will be clear after the consideration of applications.
According to the Secretary-General of the Commission of RAPI Sucharitakul (Rapee Sucharitakul), the most difficult for Thai projects the ICO at this stage is the creation of a white paper containing all the details of the project to raise funds, their use and subsequent distribution of digital tokens.
It is reported that the permitting process will take up to five months. After filing, the SEC sends the document to the Ministry of Finance within 90 days. Then, the Ministry has 60 days to form a decision on whether the issuance of the license. Companies working with digital assets applying must be from Thailand, to be authorized paid-up capital, working system in high degree of readiness and “sustainable financial position”. However, their management and shareholders should also obtain permission of the SEC.
As you know, Thailand has embarked on the adoption of the nascent industry and the early production of regulatory norms in this area.
Last week, the Bank of Thailand issued the new regulations enable local banks to establish branches to work with cryptocurrencies, including the issuance of digital tokens and investment in scriptactive.
In addition, in July the Thai Association of bond markets (TBMA) announced the launch of blockchain-optimization solutions registration platform to provide a more rapid release obligatsionnykh certificates and increase liquidity in the secondary market. Reportedly, the platform will reduce the time required for bonding, from the current 7-15 days to 3-4; also in the framework of the planned issue of bonds of the token.
As Executive Director of the Thai cryptocurrency exchange JIBEX Tanti Accurate (Thuntee Sukchotrat), ICO and cryptocurrencies are currently being considered in the country as “assets that sparked the interest of investors around the world.”
“I am confident that investors will invest in digital assets instead of shares in the future,” said Tanti, adding that “the investment ratio ICO in comparison with shares will be on an equal footing within two years.”
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