News

Thailand will certify first ICO “portal” this month

The Thai Securities and Exchange Commission (SEC) says that the first initial coin offering (ICO) portal is likely to be certified in November, with the first authorised ICO offering possibly in December, Bangkok Post reported on November 8.

“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” – said SEC secretary-general Rapee Sucharitakul.

The Commision has also forwarded a list of five digital asset business operators to the Finance Ministry for final approval. As the SEC is still assessing applications, these businesses are allowed to operate because they submitted their requests within 90 days after the royal decree on digital asset businesses took effect on on May 14.

The new legislation was enacted to regulate digital asset offerings and businesses undertaking digital asset-related activities.

ICO portals will help screen ICOs, conduct due diligence, prove the smart contract source code and verify the know-your-customer process, said Mr Rapee. Despite the screening process by ICO portals, success is not guaranteed, he said.

“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,” – said Mr Rapee.

The SEC will not make any amendments to the royal decree on digital assets, but it welcomes responses from ICO issuers set to launch ICO offerings in the future.