The first initial coin offering (ICO) portal is likely to be certified by the Thai Securities and Exchange Commission (SEC) this month. If all goes well, the first authorized ICO offering on the platform will start in December.
Getting Ready for a New Beginning
Rapee Sucharitakul, the secretary-general of the SEC noted in a statement that:
“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December.”
The commission has also forwarded a list of five crypto businesses to the Finance Ministry, which will provide the final approval of these projects. The SEC is still assessing the applications. However, the businesses will be allowed to operate because they submitted their requests to the commission “within 90 days after the royal decree on digital asset businesses” which took effect on May 14.
The new legislation was enacted to regulate cryptocurrency offerings as well as businesses in the country that engaged in digital asset related activity.
The Six New Businesses Seeking SEC Approval
According to the royal decree of Thailand, digital assets cover cryptocurrencies, digital tokens and other forms of electronic data units that have been specified by the SEC. Currently, six businesses are seeking licenses to operate cryptocurrency exchanges in the country. They are- Bitcoin Co (bx.in.th), Bitkub Online Co Ltd (bitkub.com), Cash2Coins Co Ltd (cash2coins.com), Satang Corporation Co Ltd (tdax.com), Coin Asset Co Ltd (coinasset.co.th) and Southeast Asia Digital Exchange Co Ltd (seadex.io).
Apart from these, two businesses are seeking licenses to operate as digital asset dealers – Digital Coin Co Ltd (thaiwm.com) and Coins TH Co (coins.co.th).
Mr. Rapee further noted:
“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.”
The ICO portals operating in the country will help in screening these offerings, prove the source code of the smart contract, conduct due diligence and verify the KYC process for the customers and investors. Rapee, however, noted that the screening process by the ICO portals might not guarantee success.
Rapee also clarified that the SEC would not make amendments to the royal decree.