Thailand’s Securities and Exchange Commission (SEC) has seen a flurry of applications from companies seeking to offer token sales and exchange services. This rush of applications was seen after the new regulations created to standardize ICOs came into effect last month, following a decree on the subject that was publicized this May.
The secretary general of the Thailand SEC, Rapee Sucharitakul informed that a total of 20 crypto exchanges have already registered for licenses. As per the new regulations, projects that wish to offer crypto exchange services have to seek authorization from the SEC before commencing any activities.
Sucharitakul mentioned that companies that are aspiring to start virtual asset exchanges have indicated that cryptocurrency trading and virtual assets in Thailand have been quite active in the recent past. As reported earlier, the rules created to regulate ICOs in Thailand came into effect from July 16, after a royal decree was made public in May.
Additionally, the SEC informed that approximately 50 ICOs have expressed their interest in becoming registered to be able to conduct compliant token sales in Thailand. However, the SEC must first select the so-called ICO portals before it can grant licenses to individual projects. The SEC will scrutinize the ICO issuers’ management structure and plan of operations before they are provided with the license.
As mentioned by the CoinDesk, ICO portals are virtual marketplaces where prospective ICO drivers can operate their token sales. Sucharitakul stated that out of the five ICOs that have expressed interest in becoming ICO portals, three of them have already filed applications.
Elsewhere in the Philippines, the regulators embarked on a similar effort last week. The Philippines regulators released draft rules for the regulation of token sales. The country is presently seeking public contributions on how to let ICOs operate in a regulated environment.