Not so long ago, the Securities and Exchange Commission (SEC) in Thailand has purportedly disclosed to the general public that it expects to approve the country’s very first portal for initial coin offerings (ICOs). This approval will take place this month of November, along with ICO approvals to follow. As stated by Thailand’s cryptocurrency regulation, a portal’s role is to examine companies planning to launch an ICO.
The country’s SEC has set a goal to upgrade Thailand’s first ICO portal before the end of this month (November). This past Thursday (November 8th), the secretary-general of Thailand’s SEC, Rapee Sucharitakul was cited by a publication called Nation 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.”
In addition, Nation detailed that an “ICO portal service acts as a financial adviser to companies planning to launch an ICO. Its role is to examine the purpose of an ICO launch and the business plans of the companies planning these offerings.”
According to the Thai crypto regulation, ICOs must be examined by an ICO portal prior to gaining approval from the regulator. Also, the SEC secretary-general noted that “the key for an ICO approval lies in providing clear and easy-to-understand information to investors.” He claimed that currently “fundraising through an ICO is still illegal.” The country’s SEC has already released a couple of warnings to those unauthorized tokens.
On top of that, the publication quoted Mr. Rapee stating, “all processes for licenses to up to five operations of digital assets exchange have been presented to the finance minister.”
Up to six exchanges have been given short-term approval to operate in the country, at the same time their applications are being analyzed. The six exchanges being referred to here 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). At the moment, Coins Th. Is the only exchange to be given the approval to operate as a cryptocurrency merchant for the time being.
A firm called J Ventures Ltd., which invests in businesses in relation to financial technology. It is a subsidiary of Jay Mart Public Company Limited based in Thailand. Recently, J Ventures CEO, Thanawat Lertwattanarak stated that his firm is “accelerating the creation of a Jfin: decentralized digital lending platform” that has up to four phases including P2P lending.
This was reported by Prachachat in the late stages of October. Finally, the news outlet added that he unveiled the Jfin wallet which allows customers to use jfincoin at Jay Mart stores such as for buying coffee and exchanging mobile phones.