The Thailand Securities Exchanges Commission is stepping up plans to unveil at least one “ICO Portal” before the end of this month, and according to a Bangkok Post report, the agency wants to list some ICOs on the portal by December.
While speaking to the local news agency, Thai SEC Secretary-General, Rapee Sucharitakul reaffirmed that the agency was still on track with its plan and shared insights on what job will be done on the ICO Portal.
“At least one ICO portal will be certified in November; then we can approve each ICO offering, which might start in December,”
The ICO Portal will be the channel used by the Thai SEC to test whether an ICO is qualified to serve the markets. The report explained that any ICO that gets listed on the Portal would be “screened” to find out whether the smart contract source code is working well and also whether the project is meeting up with the KYC rules.
A project that has a regulatory green light is likely to flourish with the Thai populace since the agency is the highest securities body existing in the country. There would also be no unclarity with regards to which ICO tokens are to be classified as ‘security tokens’.
Meanwhile, Mr. Rapee warned that investors would still have to be careful since some ICOs may be ‘scams’ or not having enough liquidity to operate beyond their current level.
License To Be Issued To Crypto Exchanges
Aside from providing a good atmosphere for ICOs, Mr. Rapee confirmed that five crypto exchanges are in line to receive an operating license from the Thai SEC. Final approval from the Finance Ministry is needed at this point.
The exchanges that have applied for a license will carry on their businesses as usual until their applications have been reviewed. This is because their application was submitted within “90 days after the royal decree on digital asset businesses took effect.”
Connecting The Final Pieces
It was on May 13, 2018, that the Thai government through a royal decree, rolled out regulations that will coordinate the activities of the cryptocurrency industry. The regulatory framework was 100-section law which stated among many other things that the Thai SEC would be in charge of approving businesses operating within the space.
Following that royal decree, the Thai Securities have actively sought ways to bring some calm to the nascent industry. The latest development of an ICO portal and issuing license to crypto exchanges is expected to be the first of many steps taken by the agency to regulate the industry.