Thai SEC Validates First Certified ICO Web Portal

Thai regulators have always been tough on cryptocurrencies and Blockchain technology. They continue to strengthen their grip on the digital currency sector alongside the Securities and Exchange Commission, which is preparing to approve the first website dedicated to Initial Coin Offering (ICO).

Thailand strengthens ICO regulations

The Thai SEC is expected to approve ICO 's first internet portal this month, echoing the launch of the first nation - wide ICO scheduled for December.

According to the statement of Rapee Sucharitakul, the Secretary-General of the SEC:

"At least one ICO portal should be approved by the end of November ... the ICO approval process should begin in December. "

Five business applications want to achieve an ICO have been forwarded by the regulatory agency to the Ministry of Finance, which will take care of the final approval.

Crypto-exchanges that have submitted license applications to the regulator are:

• Bitcoin Co
• Cash2Coins Co Ltd.
• Bitkub Online Co Ltd.
• Coin Asset Co. Ltd of Southeast Asia
• Digital Exchange Co Ltd.
• Satang Corporation Co Ltd.

Government is involved with caution

The Thai nation's regulators believe that the regulated ICO website will control the legitimacy of this new fundraising method.

Investors should use reasonable precautions to ensure that the Know Your Customers (KYC) policy is followed. The site should also check the source of smart contracts to promote the transparency of business activities related to virtual currencies.

The project will be built on Corda, a private and central Blockchain.

Despite these measures, the SEC continues to warn against investing in ICOs.

Numerous attempts at scams have flooded in recent times to such an extent that ICO operators may even lack liquidity to complete their fundraising.

At the end of October, the Thai SEC had already warned against 9 non-accredited digital tokens.

What do you think of the first ICO site in Thailand? Comment in the comments section below.