BY CNA team - November 8, 2018
First Thai ICO portal to be approved in November
The Thai securities regulator is likely to approve the country’s first initial coin offering (ICO) portal in November.
“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” Securities and Exchange Commission (SEC) secretary-general Rapee Sucharitakul says in a Bangkok Post report.
He says the SEC has also forwarded to the Finance Ministry the names of five digital asset business operators for final approval.
However, Rapee says despite the screening from the portals, an approval is not guaranteed.
“We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade,” he says.
Blockchain firms planning to raise funds through ICOs must use these portals to be assessed before the SEC considers them for approval.
The portals function somewhat like investment banks and are the only platforms allowed to help blockchain firms conduct their ICOs.
Under Thailand’s Digital Asset Management Act that came into force on July 16 regulating ICOs and crypto transactions, only Thai companies having a registered capital of not less than US$150,000 can apply to be portals.
Rapee adds that while no amendments will be made to the act, the SEC welcomes responses from blockchain firms that want to conduct ICOs.
He says in an earlier report that as many as 50 firms have expressed interest in raising funds through ICOs.
To-date, six companies have applied for licenses to operate crypto exchanges.