ICOs will shortly launch in Thailand under formal legislation that governs the entire cryptocurrency sector, says Thai SEC.
Thailand’s securities regulator will clean “at least one” First Coin Offering (ICO) “gateway ” to operate legally in November, local daily news outlet Bangkok Post reported Nov. 8. Speaking to this publication, Rapee Sucharitakul, secretary general of the Thai Securities and Exchange Commission (SEC) said that ICOs themselves could also start seeing official consent to serve Thai markets as soon as December. “At least one ICO portal is going to be licensed in November, and we could approve every ICO offering, which may start in December,” he said.The affirmation marks the final phases of Thailand’s final push to formalize cryptocurrency markets, and which began with the issuance of a royal decree in May.Governing all forms of cryptocurrency entities out of ICOs to exchanges and broader “digital advantage operators,” the legislation demands the SEC vet those wanting to function in Thailand.Rapee inserted a further five “operators” were currently under consideration by the Finance Ministry.During the application process, all will likely continue to operate as normal, Bangkok Post notes, and using submitted their first applications within a predetermined 90-day cooling-off period after the issuance of this May decree.Once the certification process is in place, yet, Rapee asserted that the SEC will remain risk-averse to promote entrants. “We have warned investors against being persuaded to put money into ICO offerings because they could be scams or they may not have sufficient liquidity to exchange,” he also added, continuing warnings made last month.Speaking in the Counter-Terrorism Financing Summit this week, Thailand’s Deputy Prime Minister urged that extra measures be introduced either domestically and globally to the pending regulatory framework, to be able to stay informed about new strategies and threats to consumer security.Earlier this week, on Nov. 5, the country’s Revenue Department disclosed plans to utilize blockchain and maсhine learning to check the validity of taxes paid and also to accelerate the tax refund process. […]