Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied for a license.

Preliminary Surge – 20 Exchanges, 50 ICOs

Thailand’s regulatory framework for cryptocurrencies and ICOs went into effect on July 16. The Thai Securities and Exchange Commission (SEC), the main regulator of the country’s crypto industry, began accepting applications for crypto licenses on July 24.

On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported.

According to Mr. Rapee Sucharitakul, the SEC secretary-general, about 50 projects have shown interest in issuing tokens. Five companies are interested in becoming ICO portals, three of which have already applied. As for crypto exchanges, citing that “license approvals are being processed,” the Bangkok Post quoted him saying:

There are also around 20 companies that have applied for licenses to operate as digital asset exchanges.

Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users. The exchange currently processes approximately 2-3 million baht (~US$60,186 – $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.

The company has a 90-day temporary license to operate an exchange while its application with the SEC is being reviewed, the publication noted.

The exchange has also applied for a license to operate crypto ATMs, which it unveiled last week. Claiming that the ATM is the first of its kind among Asean countries, Mr. Suvanus explained that it supports multiple fiat currencies – the baht, euros, yuan, and dollars. With a minimum transaction amount of 100 baht (~$3), the ATM allows customers to buy and sell BTC, BCH, ETH, LTC, XMR, and DASH.

If approved, the team plans to install the ATMs at Thailand’s major international airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai.

source: https://news.bitcoin.com/crypto-friendly-policies-thailand/