The first initial coin offering (ICO) portal in Thailand has been approved by the country’s securities regulator, the Bangkok Post reported.
According to the report, the first ICO portal that allows confirming smart contract source codes, screening ICOs, conducting Know Your Customer (KYC) procedures and performing due diligence was authorized the by board of directors of Thai Securities and Exchange Commission’s (SEC). A foreign entity will operate the ICO portal.
The director of fintech department at the SEC, Archari Suppiroj, announced the development stating that ICO portal has been finalized for approval with concerned government agencies like the Commerce Ministry. Under the digital asset royal decree, first ICO deal will be available for the public offering in the near future.
Suppiroj maintained that the ICO market has now evolved from intangible ideas and projects to the ICOs supported by physical assets. In future, criteria for allowing companies to tokenize securities and other assets will be issued by the SEC.
The Thai SEC’s initial plan was to launch a fully operational ICO portal by November 2018. It was expecting to approve each ICO offering by December 2018.
Last year, it declared that it was planning to consider certain exemptions for ICOs. However, caps on participation will still be enforced. At that time, the general secretary of the Thai SEC, Tipsuda Thavaramara, stated that proposed guidelines were aiming at finding a balance in reduced regulatory impediments and regulatory process, taking into account investor protection and risk management.
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