Business & Finance

Thailand All Set to Fight Bogus ICOs, Approves Country’s First ICO Portal

As the blockchain technology and the cryptoverse matures with time, more and more countries are opening up their systems to the new technology, Thailand, being one of them. This just in, Thailand is getting its first portal for scrutinized Initial Coin Offerings (ICO).

Thailand’s Securities and Exchange Commission (SEC) has finally given a green signal to what is going to be the country’s first portal of the kind. According to the report published by Bangkok Post on Wednesday, the decision is pretty much a done deal; the only thing left is the final approval from other government bodies of the country, such as Ministry of Commerce.

The entire purpose of this new portal is to protect investor from the menace of bogus ICOs. The portal, as its name suggests, will thoroughly scrutinize ICOs and even audit their smart contracts. It will also be countering financial crimes by guaranteeing sound know-your-customer (KYC) processes.

The agency’s director of fintech, Archari Suppiroj, further revealed that previously around seven to eight firms had consulted with the SEC on the topic of operating the portal, and finally an anonymous foreign firm received the approval.

The report doesn’t give out a set date, all we know is that the first ICO to be launched through this new portal will be openly offered in the “near future”, under the royal decree on digital asset businesses. In addition to that, Suppiroj also added that sales of security tokens (STOs) would be subjected to separate regulation under the Securities and Exchange Act and holders will have to apply for a license.

Conversely, she also added that the SEC also has plans to issue regulations, which would allow firms to tokenize securities, as well as other assets.

The next step is for an issuer to offer security tokens in the primary market

She told the news source.

For further updates stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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