Thailand SEC Announces Imminent Launch of Countrys First Cryptocurrency ICO Portal

Thailands Security and Exchange Commission is set to authorize the first cryptocurrency Initial Coin Offering (ICO) portal. Following the launch of the ICO portal, the first approved Coin Offering will possibly be issued in December.

Thai SEC to Approve First ICO Portal in November

According to The Bangkok Post, the first ICO Portal will likely receive authorization this November. With the approval of the ICO portal, the process of certifying Initial Coin Offering Projects will begin.

Earlier in the year, the Thai SEC published the regulatory framework for the issuance of ICOs and the approval process for ICO portals in line with the countrys digital asset decree. The decree mandates that any ICO issuer must receive approval from the SEC. Approved ICOs can only offer digital tokens to investors through ICO portals. The ICO portals, in turn, must receive regulatory authorization to operate from the SEC before allowing any token offerings. Along with other requirements, a prospective ICO portal must be a company based in Thailand. The company must have at least 5 million baht (approx. $151,000) as registered capital.

The Secretary-General of the SEC, Rapee Sucharitakul said that ICOs should start receiving approval from the regulatory body in December. He also said that the ICO portals would help screen ICOs, conduct due diligence, prove the smart contract source code and verify the KYC process.

Even with the commencement of ICO portal operations, the Thai SEC continues to caution investors. According to the Secretary-General, the ICO portals might not always successfully screen out scam offerings. He advised investors to thoroughly research offerings before investing.

In a related development, SEC sent a list of five cryptocurrency exchange operators to the Finance Ministry for final regulatory approval. While the approval is pending, these exchanges are allowed to operate according to the digital asset decree.

Thailands Continues to Cautiously Embrace Cryptocurrency

The passing of the Digital Asset Businesses Decree marked a turning point for the countrys cryptocurrency markets. The Thai Government initially planned to ban ICOs and institute heavy taxes on crypto trading. Since the enactment of the cryptocurrency legislature, the countrys SEC has swung into action, developing a regulatory framework for the operations of prospective exchanges and cryptocurrency dealers.

In August, the SEC granted provisional approval to seven cryptocurrency exchanges including BX Thailand. The regulatory agency 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 named nine cryptocurrencies and ICOs and cautioned locals against investing in them as they were operating without prior approval.

Image courtesy Ethereum World News archives.

The post Thailand SEC Announces Imminent Launch of Countrys First Cryptocurrency ICO Portal appeared first on Ethereum World News.

09.11.2018 / 09:25 41
Thai SEC Expects to Approve Countrys First ICO Portal This Month Thai SEC Expects to Approve Countrys
Thailands Securities and Exchange Commission (SEC) has reportedly revealed that it expects to approve the countrys first portal for initial coin
Thailand Readies First ICO Portal, Junta Wants More Control Thailand Readies First ICO Portal,
Mixed messages are still coming from Thailand with regard to the cryptocurrency industry in the Kingdom. This week the Thai Securities and Exchange
Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License Thailand Updates ICO Licensing
The Thai Securities and Exchange Commission has revealed the number of applications it has received from businesses wanting to operate initial coin
Thailand Officially Announces Rules for Token Issuers, Portals, and Investors Thailand Officially Announces Rules for
The Thai Securities and Exchange Commission (SEC) has officially announced its regulations for initial coin offerings (ICOs). The rules specify
Thai Securities Firms Mull the Possibility of Joint Crypto Exchange Thai Securities Firms Mull the
Thailands Association of Securities Companies (ASCO) are considering creating a joint cryptocurrency exchange. The group of securities companies are
Thailand Expects to Approve Five ICO Projects out of 50 Thailand Expects to Approve Five ICO
The Thai financial regulator is expected to approve five ICO projects once the new regulatory framework takes effect this month. Out of 50 ICO
Comments (0)
Add a comment
Comment on