Thailand to Register State-Backed ICO Portal

November 12, 2018

As Bangkok Post informs, the Thailand’s Securities and Exchange Commission has declared its plans to license at least one state portal for official registration of local ICO projects.

Rapee Sucharitakul, Secretary General of the SEC, told that the website will be launched this November. He continued that they will begin reviewing applications by the ICO projects next month.

Launching this platform will be the final stage in the programme of establishing cryptocurrency market in the country initiated by the Commission since they enacted a bill on cryptocurrencies and ICOs in May this year. Note that currently the Finance Ministry of Thailand considers registering five digital asset operators who had lodged corresponding application earlier.

Regardless of its statements on registering a number of crypto portals and services the SEC takes another move and warns market players on existing risks.

“We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade,” Sucharitakul said.

In addition, last week while holding speech at the Counter-Terrorism Financing Summit the Deputy Prime Minister of Thailand Wissanu Krea-ngam called the country authorities and international community for extra measures to regulate the crypto market and thus eliminate security threats for its actors.

Note also that quite lately the Thai Revenue Department has revealed some details of applying machine learning and blockchain to verify paid taxes as well as force tax refunds.

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