Thailand Sees Booming Cryptocurrency Industry As New Law Comes Into Effect

The cryptocurrency industry in Thailand is booming with about 50 initial coin offerings (ICOs) and 20 exchanges showing interest in applying for a digital asset license, according to Thailand’s Securities and Exchange Commission (SEC).

“License approvals are being processed,” SEC secretary general Rapee Sucharitakul told the Bangkok Post. “Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”

The 50 token issuers and ICO organizers are looking to raise money from the public but it remains uncertain whether all of them will be granted an operating license, he said, noting that the most difficult tasks for them was creating a whitepaper that covers details of an ICO campaign including product description, token distribution, and how the fund raised will be used for both Thai and foreign…