The Thailand Securities and Exchange Commission (SEC) has told local newspaper Bangkok Post that 50 ICO projects and 20 crypto exchanges have applied for licenses since Thailand introduced crypto licensing rules in May 2018.
Rapee Sucharitakul, the SEC Secretary General, said that out of these 50 ICOs, “it remains uncertain whether all of them will be given operating licences to raise funds”. The tasks these ICO projects now need to achieve include writing a proper whitepaper.
Sucharitaku also talked about the crypto exchanges: “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.”
Licenses will be approved within five months of submitting the documents; the Thai Finance Ministry will receive the documents within 90 days and they will announce their decision within the following 60 days.
Some of the requirements for applying for a license include “being a company or listed firm with business operations based in Thailand; having paid-up registered capital as stipulated; and having a well-prepared work system and sound financial status.” Furthermore, members of the registered company such as shareholders and executives must attain approval from the SEC.
Crypto exchange JIBLEX’s CEO, Thuntee Sukchotrat, 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 to stocks will be on par within two years.”
Since investors and crypto company owners are currently looking for countries that offer some clarity over their crypto laws, Thailand will certainly attract more people.
However, taxation remains unexplained in the new laws set out by the Finance Ministry. Sukchotrat said, “Only the details for taxes [imposed on digital asset trade and capital gains] remain unready.”
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