Thailand’s SEC to Authorize Their First ICO Portal
Thai Securities Exchange Commission issues portal for ICOs, as released by Bankokpost. No official announcement has been made on SEC website however the director of the Fintech department at the SEC Archari Suppirj stated, “Thailand’s first authorised ICO portal is being finalised for official approval with the relevant government agencies such as the Commerce Ministry.”
What this mains it that ICOs and companies offering tokens will now be screened to ensure legitimacy. The ICO portal will look into whitepaper, projects, KYC (know you customer) processes and other due diligence issues.
The ICO portal will work as a screening process before applying for approval with SEC. This will open the opportunity to institutions and high net worth individuals as well as venture capitalists companies and private equity funds to invest on an ICO project. Even retail investors can invest up to 300,00 Baht on an ICO.
According to the Fintech director 8 firms applies to operate the ICO portal and the approved firm is not local.