Cryptocurrency Exchange Satang Raises $10 Million in Security Token Offering
As per the report published in Asia-focused business publication Nikkei Asian the Thai crypto exchange Satang company has recently planned to increase more than $10 million in a security token offering (STO), in spite of the current market collapse.
The Govt of Thailand allegedly reinforces Satang’s strategies in a proposal to offer the nation a blockchain center and grow as a regulatory structure for digitalized amounts of money and blockchain. As per Poramin Insom the crypto exchange’s CEO, the STO will be accompanied in the three months in 2019. Satang starts to use the $9.9 million that it gives away to make an e-wallet that assists customers in making payments, and creates Satang Shops in visitors centers such as Pattaya and Phuket.
“I hope that other political parties or even the government not just in Thailand but in the region can look to using blockchain technology in enabling large-scale e-voting or polling,” Poramin reportedly said.
Blockchain in Security Token Offering has been showing a grip but more in believed than in achievement in the U.S. with West Virginia being a prominent exclusion. Thailand’s Democrat Party, nonetheless, has demonstrated many final stages near application as stated in Bitcoin Magazine reports. This party developed the very first governmental party in the world to select its leaders in prime voting with the help of blockchain. lead creator and Founder of Zcoin, Poramin Insom had delivered a public statement on this landmark stating that “I am very proud that Zcoin played a role in making Thailand’s first large-scale e-vote, a reality, which saw greater voter participation and transparency.”
Thailand’s Revenue Department is allegedly testing blockchain technology for following value-added tax (VAT) expenditures. As per director general of the Thai Revenue Department, Ekniti Nitithanprapas, the department wishes to use blockchain tech to stop VAT repayment scam. It also apparently stated that it had fixed its highlights on accepting machine learning and expending artificial intelligence to study and learn tax-cheating performs” to eventually “force many individuals to arrive the suitable tax arrangement.
Insom in November 2018 allegedly aided organize blockchain technology at the time of a primary election in the nation’s Egalitarian Party. Elections for a party leader were showed on a blockchain-based mobile app, as per the tech news opening Built-In reported Nov. 16. Information is collected from the app was stowed in chopped files, that were later stored on the Zcoin blockchain created by Insom.
According to Ekniti Nitithanprapas, the agency’s DG, the final objective of this, is to take benefit of fresh and contemporary know-how in a proposal to correctly assimilate and track taxpayers who were missing from the method, as well as upsurge the agency’s income. Thailand govt also aims to make use of blockchain technology to control its future national digital ID platform, therefore offering Thailand residents and citizens with a countrywide acknowledged means of proof of identity.