Regulators are looking to make Thailand a crypto heaven through favourable regulations. Thailand SEC has already released the framework and requirements for running cryptocurrency exchanges and ICOs in the country. Though the crypto community is not as active as its other Asian counterparts in Japan and South Korea, the country is now attracting companies worldwide, and along with them, their money.
Exchanges would have to go through an application process to operate in the country. According to Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission, they’ve already received a total of 20 applications in just a few weeks.
Commenting on Thailand’s crypto activity, Sucharitakul said, “Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
Exchanges will have to go through a process to convince the regulators they’re doing enough KYC and security checks. All the licenses are still in an approval process. Once a license has been filed, the regulator will have to process it and forward it to the finance ministry within 90 days, and the finance ministry will have to decide on the approval within 60 days. To operate an exchange, companies will have to be registered in Thailand and have a minimum paid up capital. Additionally, directors, executives, and shareholders must have SEC approval.
While some countries are fine with exchanges, most countries have outright banned ICOs, or are still unsure about them. Thailand, on the other hand, wants ICOs the happen in a regulated manner. Late last month, the Thai SEC announced that they’d be accepting applications to run ICOs in the country. In less than three weeks, more than 50 companies are now seeking run ICO from the country. Three companies shave already submitted their applications to the SEC.
It is not clear what the criteria is to run an ICO based out of Thailand, but the crypto community is very optimistic. Thuntee Sukchotrat, the CEO of Thai crypto exchange JIBEX in an interview with Bangkok Post said,
“I believe that investors will invest in digital assets instead of stocks in the future. 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.”
Crypto Valley Of Asia?
While Zuk in Switzerland has been the Crypto valley of West for years, it has been losing its way. ICOs are having a hard time with local banks and approvals. This has opened up opportunities for other countries. European countries like Malta and Gibraltar are looking to make use of it. IN the East, South Korea and Japan have over-regulated the crypto space which is just getting started. Thailand is looking to do what Switzerland did a few years ago. If the country gets it right, Thailand can become the hub of Cryptocurrencies in the world.