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Thai cryptocurrency exchange Satang Corp. plans to raise almost $ 10 million in a security token (STO) offering, despite the recent market crash, business publication focused on the Asia Nikkei Asian Review reported December 4th.
Satang's plans are supported by the Government of Thailand in an attempt to make the country a blockchain center and develop a regulatory framework for digital currencies and blockchain. According to the Exchange CEO, Poramin Insom, the STO will be conducted in the first quarter of 2019.
Reportedly, Satang plans to use the $ 9.9 million raised to develop an e-wallet that allows users to make payments, as well as establish Satang stores in tourist centers such as Phuket and Pattaya.
STOs in Thai currency operate in a gray regulatory area, as the new financial product straddles two different regulatory classifications. Just last week, the deputy secretary of the Thai Securities and Exchange Commission Tipsuda Thavaramara stated that the STOs linked to Thailand launched in an international market break the law. According to Thavaramara, "the regulator will have to consider how to deal with the STO for issues such as share ownership, voting rights and dividend".
In November, Insom helped to spread blockchain technology during primary elections in the country's Democratic Party. Elections for a party leader were conducted on a blockchain-based mobile app, according to the Built In technology news outlet reported on November 16th. The data collected by the app were archived in hash files, subsequently archived in the Zcoin blockchain developed by Insom.
"I hope other political parties or even the government not only in Thailand, but in the region, can use blockchain technology to allow electronic voting or large-scale polling," Poramin said.
Thailand's revenue department is testing blockchain technology to track value added tax (VAT) payments. According to Ekniti Nitithanprapas, director general of the Thai revenue department, the department "wants to use blockchain technology to prevent VAT refund fraud". It is also said that "focuses on the adoption of automatic learning and on the use of artificial intelligence to learn and study the tax fraud" in the end "force more people to enter in the official tax system ".
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