Thailand’s securities regulator approves country’s first ICO portal

13 Mar, 2019
by Joeri Cant
News
Thailand’s securities regulator approves country’s first ICO portal

Thailand’s securities regulator has approved its very first initial coin offering and are likely to issue a criteria for applications for securities token offerings soon.

According to the daily news outlet the Bangkok Post, the Thai Securities and Exchange Commission's board of directors has approved the first ICO portal that will assist to screen ICOs, conduct due diligence, confirm smart contract source codes and conduct the 'Know Your Customer' process.

Archari Suppiroj, the director of the fintech department at the SEC, said that Thailand's first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry.

'The first ICO deal will be available for public offering in the near future under the digital asset royal decree', she said.

Ms Archari said that digitisation of other asset types, such as securities, to raise funds by launching an STO is prohibited as securities-related transactions fall under the purview of a different law and those who are interested in launching an STO, will need to apply for a licence as securities operations, which are supervised under the Securities and Exchange Act.

Read more: Thailand approves four cryptos for trading, CZ says "waiting for 10"

The fintech departement director further said that the SEC will issue rules on depository centres and regulations to support tokenisation, as well as change the role of related parties such as financial advisers and underwriters.

'The market regulator aims to create a level playing field for anyone who has profound knowledge of digitisation and tokenisation, together with the ability to become intermediaries for STOs', she explained.

'For investors, the key element for investment is knowledge and understanding, such as knowing the rights of an asset, risks and limitations.'

Jirayut Srupsrisopa, co-founder and chief executive at Bitkub Capital Group Holdings, said that all assets can be digitised and tokenised with blockchain.

'We can trade property, diamonds, gold or even intellectual property with a T+0 settlement on digital platforms', Mr Jirayut said.

'The market has high potential to grow because the law has been set.'

Mr. Jirayut further pointed out that Thailand has a very supportive environment where lawyers and regulators understand the new global movement on virtual asset classes.

'TSD or commercial banks, which have broad public trust, will be able to expand their businesses to other asset classes, including digital assets.'

WATCH: $19 BILLION! The REAL reason Facebook is creating a cryptocurrency!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

 

Read more: How to tip and receive Bitcoin via the Lightning Network with Tippin.me

Read more about: Thailand

Poll

What do you think the reason is for the interest in ICOs in Thailand?

(5 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage