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Thailand tightens its grip on ICO regulation


Thai regulators have been powerful on cryptocurrency and blockchain this 12 months, and in the event that they pull off their newest plan it should additional tighten their grip on the business.

The Thai Securities and Exchange Commission (SEC) are getting ready to launch its first regulated initial coin offering (ICO) portal later this month, in accordance with the Bangkok Post.

It seems that ICOs shall be vetted on a case-by-case foundation and shall be added to the portal shortly after its launch, though there isn’t a point out of a set date as but.

“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” SEC secretary-general Rapee Sucharitakul mentioned to the Bangkok Post.

Thai regulators consider having regulated ICO portals will assist vet ICOs for his or her legitimacy, assist buyers conduct due diligence, and guarantee know-your-customer (KYC) insurance policies are getting used.

The Thai authorities hasn’t been afraid to roll up its sleeves and become involved within the cryptocurrency business. Earlier this 12 months, the Bank of Thailand teased plans for a state-backed cryptocurrency.

The plans outlined how the undertaking could be constructed on Corda, a closed and centralized distributed ledger. It appears Thailand is okay with cryptocurrency, as long as its on their phrases.

Published November 9, 2018 — 09:49 UTC


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