ICOs

Thai SEC Expects to Approve Country’s First ICO Portal This Month

from The Bitcoin News 5 years ago 0 0 1123

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

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.

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.

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.

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.

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 Jfin’s 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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