Fifty companies have declared interest in gaining an ICO licence in Thailand, following the country’s move to partially regulate the cryptocurrency market.
The Thailand Securities and Exchange Commission (SEC) has revealed that there are around 50 interested parties intending to launch an ICO, with three already having submitted their application.
Rapee Sucharitakul, secretary general for the SEC, said: “Licence approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
Additionally, 20 companies have applied for licences to operate as digital asset exchanges.
Firms wishing to receive licencing for their ICO must file an application which is then forwarded to the Finance Ministry within 90 days. The Finance Ministry will then approve or decline the licence.
“I believe that investors will invest in digital assets instead of stocks in the future,” added JIBEX chief executive Thuntee Sukchotrat. “The performance of ICOs will rise in line with ICO project performance. The investment ratio of ICOs to stocks will be on par within two years.”
Back in June, Project Inthanon was announced, introducing a number of blockchain-based applications to Thailand’s banking landscape.
Bank of Thailand governor Veerathai Santiprabhob said of the move: “Like other central banks, our goal is not to immediately bring [central bank digital currency] into use, but rather to explore its potential and implications for back office operations.
“These efforts should pave the way for faster and cheaper transaction and validation due to less intermediation process needed compared to the currency systems.”