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Thai+Securities+Regulator+Gives+Nod+to+First+ICO+Portal

Thai Securities Regulator Gives Nod to First ICO Portal

 

Thai securities regulator has now approved the first initial coin offering (ICO) portal in the country. The news came through leading media outlet Bangkok Post.

The operator of the ICO portal is said to be a foreign entity. Moreover, the portal will allow due diligence of ICO, conducting Know your Customer (KYC) procedures and confirming smart contract source codes.

From The Director's Desk

Archari Suppiroj, Director of the fintech department at the SEC, said:

“Thailand's first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry. [...] The first ICO deal will be available for the public offering in the near future under the digital asset royal decree.”


As per Archari, the ICO market has now entered a maturation stage and is now working on bringing intangible ideas to reality, backed with physical assets. He further revealed that in the future, SEC will issue guidelines, as per which companies can tokenize securities and other assets.

Last December, the Thai SEC had announced its plans to reframing guidelines that are a barrier for ICOs. However, it explicitly mentioned that there will be caps on participation. Tipsuda Thavaramara, general secretary of the Thai SEC then said:

“The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments while taking risk management and investor protection into account.”


Initially, the SEC was to clarify on the ICO portal last November.

Crypto Case Scenario In India

On 7th March CoinMarketFeed reported, The Reserve Bank of India has time and again warned the citizens about the dire risks involved in trading and holding cryptocurrencies way back in December 2013. Financial regulatory institutions of various countries voiced their opinion by stating they have right thoughts of doubts about its potential.

However, the apex court directed the RBI and the government to come up with a definite agreement on the future direction of cryptocurrencies. RBI has directed SEBI to lay down the guidelines and protocols for the cryptocurrency industries in the coming days.

Ramifications Of The Utah Bill

A Bill was recently introduced in the U.S state of Utah by a prominent congressman that would stop blockchain firms from being branded as money transmitters. Republican senator Daniel Hemmert filed the Senate Bill 213. The bill proposes that any person who “facilitates the creation, exchange, or sale” of certain blockchain technology-related products should be exempted from Title 7, Chapter 25, Money Transmitter Act.