The number of projects interested in applying for licenses to conduct initial coin offerings (ICOs) and to operate digital asset exchanges has surged after the digital asset licensing went into effect in Thailand, the Bangkok Post reported.

Thai SEC secretary-general Rapee Sucharitakul said last month the SEC was open for application approval for operating a digital asset business, as the Finance Ministry's announcement on digital asset licenses came into force.

Sucharitakul said that since digital asset licensing took effect, around 50 ICO projects have shown interest in receiving a proper license from the authorities, but said that it is uncertain if all of them would be authorized to raise funds. He said that three out of five ICO portals have already submitted their applications to the SEC.

Rapee further pointed out that around 20 companies have applied for licenses to operate as digital asset exchanges.

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

After receiving the applications from the interested firms, the SEC will forward the documents to the Finance Ministry within 90 days. Thereafter, the Finance Ministry will decide whether or not to approve an application depending on a number of factors.

According to the report, firms seeking a license to operate as digital asset exchange must have, among other things, paid-up registered capital as stipulated and sound financial status.