Thai SEC likely to certify first ICO portal this month

Thailand’s Securities and Exchange Commission (SEC) expects to certify the first initial coin offering (ICO) portal this month, the Bangkok Post reported.

“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 said, adding that the regulator has sent a list of five digital asset business operators to the Finance Ministry for the final approval.

The Royal Decree on the Digital Asset Businesses went into effect on May 14. It brings digital asset offerings and businesses undertaking digital asset-related activities under regulatory scope.

Although their applications are still being assessed by the SEC, these businesses are allowed to continue their operations as they submitted their requests within 90 days after the Royal Decree came into force.

The six business seeking licenses to operate as digital asset exchanges are Bitcoin Co (bx.in.th), Bitkub Online Co Ltd (bitkub.com), Cash2Coins Co Ltd (cash2coins.com), Satang Corporation Co Ltd (tdax.com), Coin Asset Co Ltd (coinasset.co.th) and Southeast Asia Digital Exchange Co Ltd (seadex.io). In addition, Coins TH Co (coins.co.th) and Digital Coin Co Ltd (thaiwm.com) are seeking licenses to operate as digital asset dealers.

Rapee said that ICO portals will help screen ICOs, conduct due diligence, prove the smart contract source code and verify the know-your-customer (KYC) process. However, the screening process does not guarantee success, Rapee added.

"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," he said.