The Securities and Exchange Commission of Thailand has announced that the country’s first portal for initial coin offerings will be approved by the end of the month. The purpose of this proposed portal is to regulate and scrutinize companies looking to conduct ICOs, but will no doubt serve to improve ICO approval rates in the country.
The ICO portal approval would be added to by the first ICO of Thailand, which will take place next month according to secretary general of Thailand’s SEC, Rapee Sucharitakul. While talking to the Nation, he stated:
At least one ICO portal is expected to gain approval by the end of November and the approval process for ICO is expected to begin in December.
Rapee also discussed the pertinent difficulties to all parties parties in an ICO and how the ICO portal would aid the process. He added:
The key for an ICO approval lies in providing clear and easy-to-understand information to investors.
The ICO portal will provide the necessary regulatory service to companies aiming to conduct ICOs and will work as a separate unit of the SEC. This is synonymous to an advisory role which will help organizations prepare better to launch their ICO while also examining thoroughly these companies. ICOs will be fully examined by the portal prior to getting approved from the chief regulating body.
SEC’s firm stance against unregulated platforms
This step from the Thai SEC is definitely one in the right direction, after a report release last month explaining how investing in coins that did not get approval from the SEC would carry serious risks. According to the publication by Bangkok Post, the SEC identified nine digital tokens and ICOs that had not audited their portals and coins by the SEC.
These projects, termed as “Pyramid Schemes” have been red flagged and guided against by the SEC. The regulatory commission warned that these fraudulent projects users to sell their cryptocurrencies in exchange for referral bonuses while calling them “opportunists”.
The announcement of the ICO platform and the identification of fraud schemes come as part of continuous involvement of the Thai SEC in the country’s crypto space. This involvement, while seemingly uncalled for, is definitely required. It helps the Thai space as well as the global network in making a standard for governments to become empowered to make commanding decisions for cryptos.
Not only would it put crypto fund raising methods under scrutiny but also add more trust towards the space from the public. Verily, despite many issues, the government’s steps to police the crypto space is one for the long term adoption of cryptocurrencies.