Exchange of Thai Cryptocurrency set to launch security token (STO) offering despite bitcoin price slump

Despite the cold cryptic winter, bitcoinHappy Thailand remains enthusiastic and determined to continue.

First thing reported of Asian Nikkei review on December 4, 2018, the exchange of highly reputable Thai cryptocurrencies, Satang Corp. announced the intention of launching his own security token offer (STO) by the beginning of 2019, and the Government of Thailand fully supports it.

The exchange of Satang joins the STO movement

For sources close to the issue, Satang Corp., one of the leading cryptocurrent exchange and exchange centers, will organize an STO for the first quarter of 2019 to raise $ 9.9 million to fuel its growth plans.

For those who do not know, security token they are blockchain-based cryptoassets that pay interest or dividends to token holders based on the performance of an underlying asset, such as stocks, bonds, real estate, and more.

Interestingly, Satang's STO ambition is supported by the Thai government, an indication that the authorities have big plans to make the region a hotbed for all distributed general ledger technologies (DLT) and encrypted.

Satang has made it clear that the $ 9.9 million they aim to generate through their STO event will be channeled to the development of their e-wallet app and make it easier for customers to make payments of all kinds.

The company also plans to use the funds to establish its stores in the main tourist spots of the nation, such as eg Phuket is Pattaya.

At a time when the initial offers of coins (OIC) have become a controversial means of raising capital, not thanks to the activities of bad actors they have defrauded Investors, along with the collapse in the price of bitcoins and other digital assets, taking the STO route seems like a farsighted maneuver for the Thai exchange.

From execution its ICO regulation at the beginning of July 2018, the Thai government has not stopped making the state a global cryptography and blockchain technology heavyweight. BTCManager informed that Thailand was developing a state-supported digital token to simplify the compensation of corporate debt agreements.

In similar news, December 4, 2018, relationships it emerged that Thailand's revenue department was trying to use blockchain technology to track tax payments.