securities regulator has approved the first initial coin offering () portal in the country, local daily outlet the Bangkok Post on March 12.
The Thai Securities and Exchange Commission’s () board of directors has reportedly authorized the first ICO portal that allows to screen ICOs, perform due diligence, confirm source codes and conduct Know Your Customer () procedures. The operator of the ICO portal is reportedly a foreign entity.
Archari Suppiroj, director of the department at the , reportedly told the Bangkok Post, “Thailand’s first authorized ICO portal is being finalized for official approval with the relevant 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.”
According to Archari, the ICO market has began to mature from project-based and intangible ideas to ICOs backed by physical assets. Archari also revealed that “in the future” the will issue criteria that enables companies to tokenize securities and other assets.
Initially, the Thai to clear the first ICO portal to operate legally last November, with plans “to approve each ICO offering, which might start in December.”
Last December, the Thai its plans to consider loosening rules that form a “barrier” to ICOs, although there will be caps on participation. Tipsuda Thavaramara, general secretary of the Thai then said:
“The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments, while taking risk management and investor protection into account.”
Published at Wed, 13 Mar 2019 03:03:46 +0000
