Thailand has approved the country’s first Initial Coin Offering portal. This has been undertaken by Thailand’s Securities and Exchange Commission (SEC). These portals would help in a variety of ways. However, their main purpose, according to the country’s SEC, would be to screen the tokens. They would also help in making sure that the project is consistent with its whitepaper, and performing the other due diligence. The ICO portals would also greatly assist in verifying the KYC – Know-Your-Customer process.
The First ICO Portal Of Its Own Kind
Thailand’s first ICO portal has been approved by the board of directors at the country’s SEC. This is according to a news article that was published on the Bangkok Post on the 13th of March. The director of the department of fintech at the Thailand’s SEC spoke to the publication on the matter.
Archari Suppiroj, who is the fintech director, explained that the first ICO project is in its final stages. It will be then authorized officially with the relevant government agencies. Suppiroj noted that the whole process of approval will be undertaken by the country’s Commerce Ministry.
The SEC is the primary regulator of the entire cryptocurrency industry in the country. It has stated that before applying for the approval by the SEC, interested ICO issuers must get an approval from the ICO portal.
Those Who Are Eligible To Participate
The project is mostly open for organizations and individuals who have high net worth. Their assets net worth must not be less than $2.21 million, which is 70 million bahts, the Thailand’s official currency. Alternatively, they should have assets that are estimated to be worth at least 25 million bahts. However, besides the mentioned groups, private equity funds and venture capital firms can also take part.
Retail investors are also not left behind. They can put up to a total of 300,000 baht for a single Initial Coin Offering project. Suppiroj has also stated the number of companies that have had consultations with the country’s SEC. These are the companies who have interest in operating the ICO portals. So far, eight companies have shown interest in taking part in the project.
The Main Cryptocurrency Operators In Thailand
So far, there is a foreign entity that has been approved by the body. It is known as the Bitherb Co. Ltd. Bitherb is a joint venture between Asia Herb Association Bangkok Co. Ltd and the Bitpoint Japan, a Japanese cryptocurrency exchange.
Bitpoint Japan also announced that it has an interest in looking for a license to operate in the Initial Coin Offering portal in Thailand. The Japanese company has also gone ahead to acquire four licenses from the Thailand cryptocurrency regulator. According to another publication, the four licenses will not start working immediately. They will start operating after the SEC has inspected the firm within 180 days after the license has been issued. Therefore it is expected to start operating on the 30th July 2019.