Thailand’s Securities and Exchange Commission approves the country’s first portal for (ICOs)

Thailand’s Securities and Exchange Commission (SEC) has allowed the country and its first portal for getting examined the initial coin offerings (ICOs).

As per a recent report published in Bangkok Post, the choice was completed by the SEC’s board of directors and as per the activity’s manager of fintech, Archari Suppiro it now requires a concluding endorsement and support from other administrative bodies like the Ministry of Commerce.

Originally, the Thai SEC intended to clear the first ICO portal to function lawfully last November, with plans to favor each ICO offering, which may begin in December.

The doorway is being industrialized to protect savers by examining ICOs and reviewing their keen contracts, as well as contradicting monetary corruptions by safeguarding sound KYC procedures. The SEC will give the instructions on collection regulations and centers to take care of the tokenization and to alter the responsibility of connected gatherings like the monetary underwriters and advisers.

Suppiroj further told the Post that about seven or eight companies had formerly referred with the SEC overworking the gateway and that an unidentified foreign company had ultimately been accepted.

As per Mr. Jirayut,

As per Mr. Jirayut

Further, Mr. Jirayut said,

Further, Mr. Jirayut said

Some startups use blockchain in the asset digitization process such as Everledger, a tech startup that offers an authentication platform to keep a single print of the reference number of diamonds and vintage wines to use as the reference for the trading.

In the month of February 2018, Thailand’s National Legislative Assembly accepted an alteration to the Securities and Exchange Act decriminalizing the issuance of tokenized securities like the bonds and stocks from entities other than the Thailand Securities Depository.

In December 2018 the Thai SEC even announced its plans to reflect untying rules that form an obstacle to ICOs, though there will be caps on contribution.

Tipsuda Thavaramara, general secretary of the Thai SEC then said:

Tipsuda Thavaramara said

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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