According to a report released by the Bankkok Post earlier today, Thailand’s first ICO portal will be authorized this month with its first ICO’s possibly in December, according to the SEC.
The SEC secretary-general Rapee Sucharitakul stated “At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December.”
Back on May 14th of 2018, a Thai issued royal decree pushed the formalization of cryptocurrencies markets. This announcement of the first ICO portal marks the ending phase of the formalization process for Thailand.
The legislation was enacted to regulate digital assets and businesses digital asset-related activities. In accordance to the royal decree, the SEC now specifies that digital assets include cryptocurrencies, digital tokens, and any other electronic data units. Any exchanges, ICO’s or any other ‘digital asset operators’, must be authenticated and authorized by the SEC.
The Bangkok Post notes that those who submitted their original applications within the specified 90-day period following the issuance of the May decree will all “continue to operate as normal”.
Rapee stated that the SEC will still remain risk-averse to market entrants once the certification process is put in place.
“ICO portals will help screen ICOs, conduct due diligence, prove the smart contract source code and verify the know-your-customer process”. Mr. Rapee continued on to say “We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade,”.
Thailand has also recently announced their plans to utilize blockchain technology to improve upon their current tax system. The Thailand revenue department is hoping to speed up the tax return process, and the creation of a better verification system of taxes history.