A fantastic decision made by Thailand’s Securities and Exchange Commission (SEC) is set to allow the development of a portal to put initial coin offerings (ICOs) under the spotlight. In a global first, the portal will reassure and help companies issue ICO’s in full compliance with Thai law.
Although subject to final approval of the Ministry of Commerce, this fantastic news for the region as a whole and will further enhance Thailand’s reputation as the premier gateway to Asia. Thailand offers low barriers of entry for companies wishing to implement digital technologies - making it a superb location for the adoption of blockchain and digital currencies.
The ICO portal is being developed to protect investors by screening ICO’s; conduct due diligence by auditing smart contracts source codes and verifying all know-your-customer (KYC) processes are rigorously tested for any security flaws and to prevent financial misconduct.
As a leading digital currency hub in Asia last year Thailand removed BTC, ETC and LTC from the list of digital currencies that can be used to invest in ICO’s. Removing these currencies was seen as a bold move at the time, and the wider community are waiting with bated breath for further announcements on currencies that can be used when the first ICO launches via the portal very shortly.
On its own the ICO portal is exciting but what makes this news even more significant is that it just a taste of what’s yet to come. Thailand will soon become the first country in the world to have a formal, legally sanctions portal for ICOs.