In Thailand 20 Crypto Exchanges Apply For Licenses
The licensing system for Thai companies working with cryptocurrencies has received a number of applications from firms that offer their services for digital assets exchange and sale, Bangkok Post reports.
The secretary-general of the Thailand Securities and Exchange Commission (SEC) Rapee Sucharitakul noticed that 20 crypto exchanges were registered in the system a week after its launch. However, to start trading, their activity must be approved by the SEC of Thailand.
As the official remarked, cryptocurrency trading is becoming more and more popular among Thai companies. According to the SEC, up to 50 ICOs intend to sign up in the licensing system to conduct legitimate token trade.
Crypto projects will be able to obtain licenses after the development of ICO-platforms. These are the exchanges where ICO issuers can sell tokens. Rapee Sucharitakul affirmed that 3 out of 5 companies interested in this program have already sent their applications.
The Government of the Philippines has started working on the implementation of a similar project. It has issued a draft of rules on the regulation of crypto sales.
Digital assets have different economic functionalities. It depends on the business model of a particular company what function its token will perform.