Thailand’s Securities and Exchange Commission (SEC) has reportedly revealed that it expects to approve the country’s first portal for initial coin offerings (ICOs) this month, with ICO approvals to follow. According to the country’s crypto regulation, a portal’s role is to examine companies planning to launch an ICO.
Approval Expected in November
The Thai SEC expects to approve the country’s first ICO portal this month and the first ICO next month, local media reported on Thursday. Rapee Sucharitakul, secretary-general of Thailand’s SEC, was quoted by the Nation as saying:
At least one ICO portal is expected to gain approval by the end of November … the approval process for ICO is expected to begin in December.
The news outlet explained that an “ICO portal service acts as a financial adviser to companies planning to launch an ICO. Its role is to examine the purpose of an ICO launch and the business plans of the companies planning these offerings.” According to the Thai crypto regulation, ICOs must be examined by an ICO portal prior to gaining approval from the regulator.
Rapee added that “The key for an ICO approval lies in providing clear and easy-to-understand information to investors,” the news outlet conveyed. He insisted that currently “fundraising through an ICO is still illegal.” The Thai SEC has issued several warnings against unauthorized tokens.
Finance Minister Reviewing Five Exchanges
The Nation further quoted Rapee revealing:
All processes for issuing licenses to up to five operators of digital assets exchange have been presented to the finance minister.
According to the Thai SEC’s website, six exchanges have been granted temporary approval to operate in the country while their applications are being reviewed.
The exchanges are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). Currently, Coins Th. is the only company that has been temporarily approved to operate as a cryptocurrency dealer.
Jfincoin Progressing Further
J Ventures Ltd., a subsidiary of Jaymart Plc., has been moving forward with various projects related to its token jfincoin. Jaymart Plc. is listed on the Stock Exchange of Thailand. The company operates in the wholesale and retail sectors for mobile phones and technology accessories.
Thanawat Lertwattanarak, the CEO of J Ventures, said his company is “accelerating the creation of a Jfin: decentralized digital lending platform” which has four phases including P2P lending, Prachachat reported on Oct. 21. In addition, the news outlet added that he unveiled the Jfin wallet which allows customers to use jfincoin at Jaymart stores such as for buying coffee and exchanging mobile phones.
What do you think of how Thailand regulates cryptocurrencies and ICOs? Let us know in the comments section below.
Images courtesy of Shutterstock, Thai SEC, and Matichon.
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