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The Thailand Security and Exchange Commission is authorized to establish the first ICO (Initial Coin Offering) portal for cryptocurrency. Following the launch of the ICO portal, the first approved coin offer will be issued in December.
Thai SEC approves the first ICO portal in November
According to the Bangkok Post, the first ICO portal will probably be authorized in November. With the approval of the ICO portal, the process of certification of the first coin supply projects will begin.
At the beginning of the year, the Thai SEC published the regulatory framework for the issuance of ICO and the approval process for ICO portals in line with the decree on digital activities in the country. The decree requires that any ICO broadcaster should receive approval from the SEC. Approved ICOs can only offer digital tokens to investors via ICO portals. ICO portals, in turn, must receive regulatory authorization to operate from the SEC before allowing any token bid. Along with other requirements, a potential ICO portal must be a company based in Thailand. The company must have at least 5 million baht (about $ 151,000) as its registered capital.
The SEC secretary general, Rapee Sucharitakul, said that the ICO should receive the approval of the regulatory body in December. He also said that ICO portals could help shield ICOs, conduct due diligence, demonstrate the source code of the smart contract, and verify the KYC process.
Even with the start of operations on the ICO portal, the Thai SEC continues to warn investors. According to the general secretary, ICO portals may not always be able to screen scam offers. He advised investors to carry out extensive research on offers before investing.
In a related development, SEC sent a list of five cryptocurrency exchange operators to the Ministry of Finance for final regulatory approval. While the approval is pending, these exchanges can operate according to the decree on the digital asset.
Thailand continues to pamper the cryptocurrency cautiously
The passage of the Digital Asset Businesses decree marked a turning point for the country's cryptocurrency markets. Initially, the Thai government had planned to ban Ico and impose heavy taxes on the trade in cryptocurrencies. From the implementation of the cryptocurrency legislation, the SEC of the country has entered into action, developing a regulatory framework for potential exchange transactions and cryptocurrency.
In August, the SEC granted provisional approval to seven cryptocurrency bags, including BX Thailand. The regulatory agency has also granted temporary permission to two cryptocurrency dealers.
While the government is gradually supporting the local cryptocurrency market, it has shown zero tolerance for unregulated activities. In a recent report, the SEC appointed nine cryptocurrencies and ICOs and warned local residents to invest in them while they were operating without prior approval.
Image courtesy of the Ethereum World News archives.
