Thailand’s SEC Approve First ICO Portal

Thailand’s SEC Approve First ICO Portal

initial coin offerings

According to a recent report, Thailand’s Securities and Exchange Commission (SEC) has approved the country’s first portal for initial coin offerings (ICOs). The report also made it known that this portal will help screen token, perform due diligence, make sure projects are in line with their whitepaper, and verify the know-your-customer process.

Thai SEC First Portal Approval

The approval which was given by the board of directors of the Thai SEC to the country’s first portal for initial coin offerings (ICOs), will further help ensure the safety of investors funds. It will also do well to reduce fraud.

Up until now, the Thai SEC website still shows no ICO portal or ICO issuer has been approved. However, director of the fintech department at the commission, Archari Suppiroj, has confirmed that: “Thailand’s first authorised ICO portal is being finalised for official approval with the relevant government agencies such as the Commerce Ministry.”

According to the Thailand SEC, it was revealed that any firm interested in conducting an ICO must first be approved by an ICO portal before applying for approval with the SEC. Its website describes eligible ICO investors. Apart from institutions and high net worth individuals ( with at least 70 million baht (~$2.21 million) worth of assets or at least 25 million baht of investments,) venture capital firms and private equity funds are also allowed to invest. Furthermore, retail investors are also allowed to invest up to 300,000 baht per ICO project.

Only One Portal Approved

According to Suppiroj, about seven or eight companies have had pre-consultations with the SEC to operate ICO portals. Out of them all, only one has been approved. She also made it clear that the approved operator is a foreign entity.

A recent report has revealed that the approved operator is Bitherb Co. Ltd., which is a joint venture between Japanese crypto exchange Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd.