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Thailand SEC Green Lights ICO Portal

March 13, 2019 15:08
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The Thailand Securities and Exchange Commission (SEC), has been taking steps in ensuring people are well-informed about cryptocurrencies and its associated risks.

On Tuesday, Crypto-News India had reported that the Thailand SEC was seeking comments from the public regarding cryptocurrencies or as they are known, digital assets. A press release had said, “The SEC is seeking public comments on the proposed rules for data submission to the SEC Office by digital asset business operators and initial coin offering (ICO) portals. The proposal aims to promote a clear understanding and a standardized protocol for monitoring and supervision of digital asset businesses, and to reduce the necessity for case-by-case data submission.”


Now it emerges that as per report by a local daily, the SEC has approved a portal for Initial Coin Offering (ICO) in the country. The portal announced that the board of directors of the SEC have given the approval for the portal which will help to screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.

After receiving the go-ahead, other government agencies also started reviewing the website in order to give the required approval, Archari Suppiroj, director of the fintech department at the SEC, was quoted as saying.

Nearly a year has passed by since the country had announced that it was contemplating legalization of ICOs and cryptocurrencies. Crypto-News India had reported that the Governor of Country’s Central Bank recently confirmed this as he revealed the details of a meeting that recently took place between Finance Minister, Deputy Prime Minister and other high-ranking officials of Thailand Government and related agencies.

During the meeting regulators and legislators had collectively agreed to enact a new law that can comprehensively regulate cryptocurrencies and their activities in the country.

The idea of cryptocurrency regulation and legalization in Thailand had also won support from country’s Former Finance Minister Korn Chatikavanij. At the time he had said, “I agree with the Finance Ministry’s [view] of letting the SEC be the only organisation governing digital assets, because it already oversees securities and has a profound understanding of digital assets. Digital assets are new for everyone, and no one knows everything [about them], so all parties should be open-minded, learn about them and have proper rules and regulations.”

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