The Thai Securities and Exchange Commission (SEC) has reportedly approved the country's first portal for initial coin deals (ICOs). The main goals of these portals are token token screening, due diligence, ensuring project consistency with the white paper and reviewing the know-your-customer process.
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First ICO portal
The Thai SEC's board of directors has approved the country's first portal for initial coin deals (ICOs), Bangkok Post said Wednesday. The news agency explained:
ICO portals help validate ICOs, perform due diligence, review source code for smart contracts, and review the know-your-customer process.
At the time of writing, no ICO portal or ICO issuer has been approved on the SEC's website. Archari Suppiroj, director of the commission's fintech department, said, however, that "Thailand's first authorized ICO portal will be completed for official approval by relevant government agencies, such as the Ministry of Commerce."
The SEC, Thailand's chief regulatory authority for the crypto industry, has set out in detail that interested ICO issuers must first be approved by an ICO portal before they can apply for approval from the SEC. The website describes suitable ICO investors. In addition to institutions and high net worth individuals such as those with assets of at least 70 million baht (~ 2.21 million $) or at least 25 million baht of investment, venture capital companies and private equity funds can also invest. In addition, private investors can invest up to 300,000 baht per ICO project.
Crypto operators in Thailand
According to the Bangkok Post, Suppiroj announced that about seven or eight companies consulted the SEC before consulting ICO portals. Without mentioning a specific company, she said that the authorized operator is a foreign entity.
As of the date of this letter, Bitherb Co. Ltd., a joint venture between the Japanese crypto exchange Bitpoint Japan and the Asia Herb Association Bangkok Co. Ltd., is the only authorized foreign company listed on the Thai SEC website and the Business with digital currencies in Germany operates the country.
In addition to the four licenses received from the Thai regulator, Bitpoint Japan has recently announced that it will seek a license to operate an ICO portal in Thailand. A representative of the Japanese exchange told news.Bitcoin.com that "Bitherb has acquired [four] Licenses will start after the operation [the] The SEC will review the company within 180 days of the acquisition of the license (until 30 July 2019). "
The three existing digital asset exchange operators in Thailand are Bitcoin Co. Ltd., Bitkub Online Co. Ltd. and Satang Corp. Co. ltd. has been admitted as a broker and distributor of digital assets.
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Thailand's contribution approves the country's first ICO portal, which first appeared on Bitcoin News.