The Securities and Exchange Commission (SEC) of Thailand has approved the first ever portal for initial coin offerings (ICOs) in the country. A portal basically screens tokens and ensures that the crypto project is consistent with what was presented on its whitepaper. Moreover, portals help perform due diligence and help facilitate and provide verification for the know-your-customer (KYC) procedures.
ICO Measures Pending Approval
At this time of writing, the Thailand SEC website has not yet displayed any officially approved ICOs. Authorities said that the ICO portal is still finalizing official approval measures with various government agencies.
Thailand’s SEC emphasizes that, as the primary regulator of cryptocurrencies in Thailand, its ICO portal already describes its potential investors. These investors could include institutions and individuals with a high net worth such as 70 million baht, or more than 2 million USD. Retail investors are also allowed to invest an estimated 300,000 baht for every ICO project.
As of the moment, Bangkok Post reported that an unnamed group of seven or eight companies is going through pre-consultations with the country’s SEC in order to discuss potential future operations of ICO portals. So far, the only foreign company that the Thai SEC has approved was Bitherb Co. Ltd. This company is actually a joint venture between the local Asia Herb Association Bangkok Co. Ltd. And Japanese cryptocurrency exchange company Bitpoint Japan. So far, Thailand has three existing digital asset exchangers namely Bitkub Online Co., Satang Corp., and Bitcoin Co. Ltd.