15 Mar 2019
According to Bangkok Post’s news on Wednesday, Thailand’s SEC has approved her first portal for ICO. The aim of the new portal is screen tokens. It will verify if the token is making progress as the whitepaper states and also protect the interest of the consumers. On the main functions of the ICO portal, the Bangkok Post states that it will “screen Initial Coin Offerings, conduct due diligence, prove that the source codes for a smart contract are valid and also verify the process of know-your-customer.”
Right now, players are still waiting for the SEC to give updates about the new portal on their website. The only thing we hold on to is the statement which the fintech department director-Archari Suppiroj gave concerning the portal. According to him, the portal is at its final stage to get all the necessary official approval. Once the government agencies in charge approve including the Ministry of Commerce, the launch will take place.
In Thailand, the security and exchange commission regulate the use of cryptocurrency and as such, issued a recent statement in that regard. According to the SEC, before they give their approval to any ICO issuers, they must acquire the Initial Coin Offering clearance from the portal.
Also, the commission has issued specific guidelines that will direct the activities of the investors on their website. From what they have there, every firm must own at least 70 million baht in assets or 25 million baht in investments. As for retail investors, their ICO investments will be up to 300,000 baht.
Well, operators of cryptocurrencies are reacting positively to the new development. Already, up to eight firms have gone to the Thailand SEC to consult about the ICO conduction. Although they did not publish the names of the companies, they mentioned that they were foreign firms.
For now, the only foreign firm offering cryptocurrency services in Thailand is Bitherb Co. Ltd. This is the only firm which the security and exchange commission gave its approval to operate in the country. This firm is a joint venture. The two parties that formed it are Asia herb Association Bangkok Co. Ltd and Bitpoint Japan- Japanese crypto exchange.
Right now, Bitpoint Japan is also talking with Thailand SEC to give them the license for ICO conduction in their home. One of their representatives confirmed that the news was authentic. According to him, Bitherb has the licenses to operate but will commence as soon as the SEC completes their 180 days inspection after giving their license.
The step which the security and exchange commission took towards adding the portal is commendable. Operators are enthusiastic that the approach will ensure that crypto operations in the country will be transparent and fair. The bad press which has been following ICOs recently due to the frauds which companies commit has not helped it. We have seen that many have banned everything concerning ICO from taking place in their turf. For Instance, South Korea banned such activities following the result of their recent research.
Therefore, this move by Thailand SEC is encouraging as it will re-establish trust into the system.
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