September 18, 2020

Thai government will launch a portal for ICO projects in November

Thai government will launch a portal for ICO projects in November

Thailand's financial regulator will launch the first portal for ICO projects in November. General Office Secretary Rapi Sucharitakul also said that the issuance of licenses for ICOs will begin in December 2018.

In accordance with Thai law,permission for the initial offer of coins to blockchain startups will be issued by the Securities and Exchange Commission (SEC). The ICO portal will check the activities of companies that have submitted an application for an ICO, attention, in particular, will be paid to the business model of the enterprise and the tasks of the ICO. Based on the results of the audit, the SEC will decide on the issue of issuing an ICO license.

Rapi Sucharitakul said that at the moment the ICOis illegal in Thailand and warned investors about increased investment risks, according to him, many ICO projects deal with fraud, and tokens implemented during the ICO do not have sufficient liquidity and therefore will become cheaper after the start of trading on cryptocurrency exchanges.

Thai Prime Minister Prayut Chan-Ocha onThe anti-terrorist financing summit called for additional regulatory measures regarding the circulation of cryptocurrencies in order to increase the effectiveness of the strategy to combat the illegal use of digital assets.