According to a recent report, Thai Security and Exchange Commission (SEC) is planning to certify at least one Initial Coin Offering (ICO) portal this month. The ICO portal will play an important role in examining the companies which have plans to launch an ICO project. Recently the Deputy Prime Minister of the country also called for more control over digital currencies.
The step taken by Thai SEC is a positive move towards cryptocurrency and ICO regulation. The Thai SEC is expecting to approve the first ICO portal of the country this month and first ICO project next month. The ICO portal will act as a financial advisor for the companies planning to launch Initial Coin Offering. The portal will examine the purpose of the ICO and the business plan of the company. According to Thai Security and Exchange Commission, every ICO project must be reviewed by the ICO portal before gaining approval from the regulators.
The secretary general of Thai SEC, Rapee Sucharitakul said that
“At least one ICO portal is expected to gain approval by the end of November … the approval process for ICO is expected to begin in December.”
Sucharitakul further added that
“The key for an ICO approval lies in providing clear and easy-to-understand information to investors.”
Till now the Thai Security and Exchange Commission has issued several warnings against unauthorized tokens currently fundraising through initial coin offering illegal in Thailand. Till now six cryptocurrency exchanges have been granted temporary approval to operate in the country. The exchanges which got the temporary approval are Bitkub Online Co. Ltd., Bitcoin Co. Ltd. (Bx), Coin Asset Co. Ltd., Cash2coins, Southeast Asia Digital Exchange Co. Ltd. (Seadex), and Satang Corporation (Tdax).
The Thai SEC is still reviewing their applications. The ICO portal will do the screening of ICOs, due diligence, verify Know Your Customer (KYC) processes are in place and check the smart contract source code.
The Thai SEC head said that
“We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade.”
He further added that there would be no change in the existing regulations regarding cryptocurrencies in Thailand.