Thailand’s First ICO Portal is Here

Securities and Exchange Commission (SEC) Thailand has recently approved the country’s first portal for Initial Coin Offerings (ICOs). The purpose of approving the ICO portal is to screen tokens, perform due diligence, ensure project consistency with its whitepaper, and verify the know-your-customer process.

According to Bangkok’s post, the county’s SEC’s board of directors has approved the country’s first portal for initial coin offerings (ICOs).

The report said:

“ICO portals help screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.”

The SEC has not yet confirmed about the ICO portal or ICO issuer which has been approved. Meantime, Bitherb Co. Ltd., a joint venture between Japanese crypto exchange Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd., is the only approved foreign company that is listed on the Thai SEC website for operating digital currency businesses in the country.

Anyhow, Archari Suppiroj, director of the fintech department at the commission spoke about the initiative.

Archari Suppiroj said:

“Thailand’s first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry.”

Thailand’s primary regulator of the crypto industry (SEC) mentioned that interested ICO issuers need to be approved by an ICO portal before applying for approval with the SEC. The website has already listed eligible ICO investors.

According to the report, Suppiroj included that seven or eight companies have had pre-consultations with the SEC to operate ICO portals. She added that the approved operator is a foreign entity rather than naming a specific company.