Thailand’s Securities and Exchange Commission (SEC) approved Thailand’s first portal for initial coin offerings (ICOs). Thailand’s Securities and Exchange Commission (SEC) Approves First Portal For ICOs.
Some of the main purposes for this approval are:
- screen tokens.
- perform due diligence.
- ensure project consistency with its whitepaper.
- verify the know-your-customer process.
All the board of directors of the Thai SEC approved this portal for initial coin offerings (ICOs), the Bangkok Post reported on Wednesday.
“ICO portals help screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.”
The SEC site, however, still does not state that any ICO portal or ICO issuer has been approved.
Thailand’s Securities and Exchange Commission (SEC) which is the main controller of the crypto industry details:
- CO portal should initially approve all interested ICO issuers before applying for approval with the SEC.
- Further, its website describes qualified ICO investors. [Institutions and other high total asset individuals who have at least 70 million baht (~$2.21 million) worth of assets or at least 25 million baht of investments, venture capital firms and private equity funds can also invest as well as retail investors, who are limited up to 300,000 baht per ICO project]
Suppiroj disclosed that seven or eight organizations have already had pre-conferences with the SEC to determine their eligibility to work ICO portals. She said the approved administrator is a foreign entity without naming a particular organization.
Bitherb Co. Ltd., which is a joint venture between Japanese crypto trade Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd., is the sole approved foreign company recorded on the Thai SEC site allowed to conduct digital currency business in the country.
The three existing digital asset exchange operators in Thailand are:
- Bitcoin Co. Ltd.
- Bitkub Online Co. Ltd.
- Satang Corp
In addition, Coins Th. Co. Ltd. has been approved as a digital asset broker and dealer.