The Thai SEC has revealed plans to authorize the first ICO (Initial Coin Offering) portal of the country's cryptocurrency. By December, the platform will start listing the approved ICOs. The portal should go live before the month of November ends.
Decree on the digital set-up of Thailand,
In line with the Thai digital order decree, the Thai SEC announced at the beginning of the year that a regulatory framework for the issuance of ICOs and the approval process for ICO portals.
As a result, anyone interested in conducting an ICO must apply for and receive approval to do so from the Thai SEC. Once ICO has been approved, ICO is authorized to offer its digital tokens to investors via an approved ICO portal.
It has also become mandatory for ICO portals to seek approval from the agency before listing an ICO. This means that the ICO portal must be regulated by the agency.
Primarily, for the approval of an ICO portal, the portal must meet some strict requirements established by the SEC.
In addition to having a capital base of at least 5 million baht (about $ 151,000), a future ICO portal must be based and registered in the country.
Thai SEC Screening is not 100% immune to Scam ICO
The SEC secretary general, Rapee Sucharitakul also issued a warning about the risks associated with investing in the financial sector. He clarified that even though the agency will do its best to control both the ICO issuer and the ICO portals, the risk of losing with a well-crafted ICA scam is still there. As a result, it is very important for anyone interested in an ICO to do their research before making the decision to invest. 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.