Thai Approves its First ICO Portal

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Late last year, Rapee Sucharitakul, secretary general of Thailand’s Securities and Exchange Commission revealed in a statement to local press that plans were underway to launch one ICO portal by the end of November and its approval process would begin in December.

Today they made the announcement that the portal has been approved, being the country’s first ICO portal. Thai SEC fintech director Archari Suppiroj stated that the ICO Portal launch was in line with the commerce industry and will in the near future be made available for public offering. Thai government has been very welcoming of blockchain technology and cryptocurrencies and is continuously proving to provide market opportunities.

Between June and July 2018, the country legalized seven cryptocurrencies Ripple, Stellar, Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash and Litecoin. In addition, the SEC granted additional digital tokens permission to apply and further classified ICOs into three groups; cryptocurrency, utility tokens and investment tokens.

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The regulation of cryptocurrencies in Thailand came with a wave of support from crypto investors in the country who predicted that it would open up Thailand to institutional money and financial innovation. Thai Central Bank joined together with several other banks to work on a prototype platform that would allow domestic funds transfers using their very own cryptocurrency that they had planned to launch at the start of 2019.

Thai’s revenue department had earlier also incorporated blockchain technology into their taxation system to solve tax avoidance. That is not all, they also adopted the technology into their taxation system, that made Thailand’s Democrat Party the very first political party in the world to use blockchain to facilitate e-voting in active elections.

 

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