Thailand Gets Ready For Its First Certified ICO Portal As Crypto Friendly Adoption Continues
Thailand Gets Ready For Its First ICO Portal
The securities regulator of Thailand has affirmed that at least one Initial Coin Offering (ICO) portal will be opened in the country in November. Rapee Sucharitakul, the secretary general of Thai Securities and Exchange Commission (SEC) has affirmed that ICOs will possibly start to be regulated in the country by December.
It looks like the market for cryptos and ICOs in Thailand might just be starting to be on the right development track as regulation is started to be enforced in the country for these cases. Everything began with a royal decree back in May that was used to confirm the development of a framework for cryptos in the country. Now, the Thai SEC will regulate and oversee the whole process.
First, the companies will have to applicate for the new regulation and then they will have a 90 day to comply with the regulation created by the SEC, which is trying to diminish the risks of the markets in the country. Also, the SEC has affirmed that it will not amend the royal decree in any way.
However, the authorities are not necessarily pro-ICO yet. They affirm that ICOs are always very risky and that regulation will diminish the risks for the scam but that there are still issues to be solved.
At the current moment, there are six businesses trying to operate digital asset exchanges in the country: 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).
The two businesses trying to operate as digital asset dealers are Coins TH Co (coins.co.th) and Digital Coin Co Ltd (thaiwm.com).
Another platform that could receive some attention is J Ventures Ltd, a subsidiary of Jaymart Plc., which has been wanting to create its own decentralized digital lending platform for quite some time now.
By approving these entities and their businesses, the government and the regulatory agency hope to create a safe environment for the people who want to trade these assets free of legal trouble and uncertainty.
In somewhat related news, the country is now trying to use the blockchain technology in the validation of taxes paid by the citizens in an effort to speed up the tax refund process. This, the government believes, could be very beneficial for the whole process.