Thai SEC To Approve First ICO Portal This Month

ICO News, News, Regulation | November 9, 2018 By:

Rapee Sucharitakul, secretary-general of Thai Securities and Exchange Commission (SEC), said that the country’s first initial coin offering (ICO) portal is likely to be certified this month and the first ICO in December.

Under Thailand’s ICO regulatory framework, ICO issuers are mandated to file an application for approval with the SEC before starting a token sale. ICO portals will be in charge of selecting applicants to pass to the SEC for a final screening.

Rapee said that at least one ICO portal will be certified this month. After the first portal is certified, the SEC will start approving ICOs as early as December. ICO portals will help screen ICOs, conduct due diligence, prove the smart contract source code and verify the know-your-customer process. However, he said that the ICO portals’s screening process will not guarantee that a particular ICO will be approved.

“The key for an ICO approval lies in providing clear and easy-to-understand information to investors,” Rapee said. Currently, fundraising through an ICO is still illegal. 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.”

Rapee also said that the SEC has forwarded a list of five crypto business operators to the Finance Ministry for approval. These unnamed crypto operators are currently allowed to operate because they submitted their requests within 90 days after the royal decree on digital asset businesses took effect on May 14.

Earlier this year, Rapee said that about 50 ICO projects have expressed interest in obtaining licenses to conduct token sales in the country.