Thai Securities Watchdog Greenlights First ICO Portal

March 21, 2019

The Securities and Exchange Commission of Thailand (SEC) has endorsed the country’s first portal to screen initial coin offerings (ICOs).

According to a report by the Bangkok Post, the decision to approve Thailand’s first ICO portal was made by the SEC’s board of directors and is now waiting to be finalized for official approval from government agencies, including the Ministry of Commerce.

The portal is being developed to protect investors by scrutinizing ICOs and auditing their smart contracts, as well as countering financial crimes by ensuring sound Know-Your-Customer (KYC) processes.

Referring to the 2018 Emergency Decree on Digital Asset Businesses, Archari Suppiroj, Director of the SEC’s Fintech Department, said, “The first ICO deal will be available for public offering in the near future under the digital asset royal decree.”

“In the future, the SEC will issue criteria that allow companies to apply tokenization to securities and other assets,” she said. “This will help bridge the digital asset royal decree and security law. The next step is for an issuer to offer security tokens in the primary market.”

She told Bangkok Post that seven or eight companies have consulted with the SEC over operating the portal, and that a foreign firm has finally been approved. Suppiroj did not disclose any names.

In February, the National Legislative Assembly (NLA) passed into law the amended Securities and Exchange Act, legalizing the issuance of tokenized securities such as stocks and bonds from entities other than the Thailand Securities Depository, which is operated by the Stock Exchange of Thailand.

Suppiroj also told the local newspaper, “The ICO market has started to graduate from project-based and intangible ideas to ICOs backed by physical assets such as real estate,” adding “the key element for investment is knowledge and understanding such as knowing the rights of an asset, risks, and limitations.”


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us