September 23, 2020

Thailand approved the opening of the first portal for ICO

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Securities and Exchange Commission (SEC)Thailand announced the opening of its first portal for an initial coin offer (ICO). Employees of the portal will check the ICOs of startup blockchains for their compliance with the project documentation, as well as ensure that companies verify their customers.

Blockchain startups planning to conduct an ICOin Thailand, are required to obtain permission from the management of the ICO portal. Then, commercial enterprises must send an application for an ICO to the Securities and Exchange Commission. Portal specialists will check the reliability of the company, the source code of smart contracts and the security system of personal data of users.

Director of Finance and Technology, SECArchari Suppiroi said that the Commission officially approved the application for opening the ICO portal, so information about it will appear on the agency’s website after the Ministry of Finance allows the project to be launched.

The ICOs presented on the portal will be able toto invest in commercial institutions and individuals whose capital is at least $ 2.21 million. Venture capital firms and private equity funds will be eligible to participate in ICOs if their investment is at least $ 780,000.

According to SEC representatives, 7 foreigncompanies have applied for opening ICO portals. To date, the Commission has issued a license to conduct cryptocurrency activities of only one foreign company - Bitherb, which is a joint venture of the Japanese cryptocurrency exchange Bitpoint Japan and the Bangkok company Asia Herb Association. Bitpoint Japan announced its plans to apply for the opening of an ICO portal in Thailand. Bitherb has already received 4 licenses and will start operating by July 30.