"There are also around 20 companies that have applied for licenses to operate as digital asset exchanges", said Mr. Repee Sucharitakul.
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.
Crypto exchange JIBLEX's CEO, Thuntee Sukchotrat, said, "I believe that investors will invest in digital assets instead of stocks in the future".
"License approvals are being processed", Sucharitakul said.
According to the report, the authorization process for ICOs can take up to five months.
After receiving the applications from the interested firms, the SEC will forward the documents to the Finance Ministry within 90 days. Five companies are interested in getting ICO portals, three of which have already applied. Thereafter, the Finance Ministry will decide whether or not to approve an application depending on a number of factors.
As regards cryptocurrency exchanges, the following requirements apply: they have to be based in Thailand, they must have paid-up registered capital as stipulated, as well as a solid working system and good financial status, and their senior executives and shareholders have to be approved by the SEC. The ICO portal serves as a marketplace operating online where the possible ICO issuers can facilitate token sales.
Thailand has demonstrated a strong positive approach to the regulation of cryptocurrencies.
Cryptocurrency exchanges are welcoming a new wave of regulated licensing structures, with several jurisdictions around the world now recognising the benefits of offering licenses to cryptocurrency businesses.
The Initial Coin Offering (ICO) market over the past one year has expanded in a voluminously with total funds raised through ICO had crossed $11 billion in 2018.
The move by The Bank of Thailand follows the ground breaking announcement made a month ago by the Thai Bond Market Association (TMBA) that it was going to launch a blockchain solutions for its service registration platform to help speed up the issuance of bond certificates so as to reduce wait times down to 3-4 days as opposed to the current 7-15 days it takes to issue such certificates.
The industry has operated largely without regulations, and the increase in interest for operational licenses by crypto-related bodies is a good step.
Similarly, regulators from the Philippines embarked on a similar effort last week to check operations of the crypto-related project, releasing draft rules for the regulation of token sales.