Thailand’s Becoming Asia’s Crypto Hub

Thailand’s Securities and Exchange Commission (SEC) has released a framework and requirements for ensuring cryptocurrency exchanges and ICO’s successfully run in the country. Thailand may not be as popular in terms of active participants in the crypto trade, compared to Asian countries like South Korea. However, these new regulations are bound to make cryptocurrency companies favour Thailand.

Rapee Sucharitakul, secretary general of the Thailand SEC, expressed that in total there are already 20 applications in line to gain the rights for Exchanges in Thailand.

There will be a routine KYC and security check, and the Finance minister will verify this. Companies applying for exchanges will need to register and have a minimum capital.

Initial Coin Offerings which have been a massive debate in the past has clearly been outlined to be allowed in Thailand, in a regulated environment. Applications have started, with 50 companies already in the process of gaining approval for ICO’s.

The Association of Securities Companies (Asco) chairwoman Pattera Dilokrungthirapop told the Bangkok Post, about the high interest from companies in reaching out for being registered as ICO’s in Thailand.

She confidently said-

We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time. Investors can trust our trading system, which has secured asset preservation.

A Twitter user by the name of Snipers Tube expressed the encouragement for ICO’s relishing Thailand’s approved regulations.

#Crypto Friendly Policies Rapidly Drawing Companies to #Thailand!

Soon after Thailand adopted regulations for #cryptocurrencies and #initialcoinofferings, companies reportedly pile up to apply for licenses to operate in the country.#cryptocurreny #ICOhttps://t.co/uFZtceePKv

— Traders Profit Club (@tprofitclub) August 10, 2018

The Bank of Thailand allows local banks to establish subsidiaries for dealing with cryptocurrencies. Thai Banks can now issue digital tokens, provide crypto services, run crypto businesses and invest in cryptocurrencies.

Many countries are taking advantage of cryptocurrency by being more open to it; these include Switzerland, Malta and Gibraltar. Thus Thailand opens up new land which will allow Asia to flourish given that countries like Japan and South Korea already have a high amount of crypto enthusiasts and are too over-regulated for cryptocurrency to be encouraged.