The Stock Exchange of Thailand (SET) has announced the launch of a blockchain-powered crowdfunding platform to facilitate startups and small enterprises in the Southeast Asian country, CCN reports.
The platform, known as LiVE, plans to provide a “complete startup ecosystem” which will also provide education for new businesses and easier access to institutional investors. So far, only eight businesses have been targetted by SET, but there are plans to ask more than 50 companies to join the program.
Companies applying for the new program must be Thai companies or companies registered in Thailand. Qualification requires applicants to be in the following investor categories: institutional, venture capital, and corporate, or a specific investor with an annual income of THB 4 million (Thai baht, equivalent to USD 125,000) or combined assets worth over THB 50 million (USD 1.5 million).
The program follows a request by 600 companies following an announcement by SET in 2017 when the exchange revealed that it had plans to operate a marketplace over a blockchain that would have no restrictions on trading units. The companies had registered in the hope of investing in startups through blockchain technology.
SET President Kesara Manchusree explained:
“‘LiVE’ platform will be a key mechanism to help drive forward Thailand’s growth especially enabling startups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using partnership to expand customer base.”
Thailand is one possible venue for cryptocurrency startups seeking refuge from stricter regulatory climates, as the country has so far not taken any harsh actions against its own digital currency market. Its local fintech groups have in fact supported making the SET the chief regulator for ICOs and cryptocurrencies.
With cryptocurrencies facing global regulation as more countries open exchanges, Thai regulators have reportedly agreed to enact two laws on both cryptocurrencies and ICOs as well as tax changes to cryptocurrency trading. Apisak Tantivorawong, the Thai minister of finance, announced that the government would be preparing for these regulations, so they are ready to implement as soon as possible.
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