First Legal ICO Platform To Roll Out In Thailand
The financial regulator of Thailand endorsed the launch of the country's first platform for ICOs, Bangkok Post reports.
The name of the new portal is not disclosed, but it is now known that it will allow viewing and selecting available ICO projects, conducting legal audits and verifying smart contract codes, as well as identifying customers according to the KYC procedure. The regulators are sure that the principal factor for investments is the client’s sufficient knowledge about the rights, risks, and restrictions associated with an asset.
It is also known that the platform is owned by a foreign company. Besides, members of the Securities and Exchange Commission reported that eight more startups consulted with the regulator about launching their own ICO portals.
Archari Suppiroj, the head of the SEC’s fintech department, stated that the platform for token sales is now being finalized to receive permission from the Ministry of Commerce and other agencies. She added that the first ICO under the new law will be launched in the near future.
In December last year, the SEC held public hearings and collected opinions of the interested parties in an effort to soften the rules for token sales and allow companies to raise funds from their coin offerings.
It is noteworthy that the future ICO platform prohibits to offer other types of tokenized assets, such as securities. As Suppiroj explained, STO falls under a completely different law. However, she said that later the regulator will develop criteria for offerings of the security tokens and other assets.
Previously, Thai SEC forbade to invest in three cryptocurrencies at once.