SEC Head – Thailand to Legalize First ICO ‘Portal’ via New Directive
Bangkok Post has reported that Thailand’s securities regulator is in the process of permitting the legal operation of “at least one” Initial Coin Offering (ICO) “portal” in November.
In his conversation, Rapee Sucharitakul, Secretary General of the Thai Securities and Trade Commission (SEC), said that the ICOs themselves might get official endorsement to serve Thai markets as early as December.
“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” he said.
The affirmation marks the final stages of Thailand’s last push to systematize cryptocurrency markets, which started with the issuance of a royal decree in May.
The legislation requires the SEC, which governs all forms of cryptocurrency entities from ICOs to exchanges and broader ‘digital asset operators,’ to vet those wishing to operate in Thailand. Rapee disclosed that five similar “operators” were under review by the Finance Ministry.
During the application process, all companies working with Crypto will function as usual. Upon completion of the certification process, Rapee signaled that the SEC would stay risk-averse for market participants.
Rapee Sucharitakul 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.”
Talking at the Counter-Terrorism Financing Summit this week, Thailand’s Deputy Prime Minister suggested that extra measures be presented both locally and globally to the pending regulatory system, so as to keep up with latest strategies and dangers to customer safety.
Earlier this week, the Revenue Department of the country disclosed strategy to employ blockchain and machine learning to authenticate the legitimacy of paid taxes and hasten the method of tax refunds.