The Securities and Exchange Commission (SEC) of Thailand announced the launch of the first portal for the initial coin offering (ICO). Portal representatives will check the blockchain startup ICO for compliance with project documentation, as well as ensure that companies verify their customers.
Blockchain startups that plan to hold an ICO in Thailand are required to obtain permission from the management of the ICO portal. Then commercial enterprises should send an application for ICO to the Securities and Exchange Commission. The specialists will check the reliability of the company, the source code of smart contracts and the security system of users’ personal data.
The director of the SEC Finance and Technology Department, Archari Suppiroj, said that the Commission formally approved the application for opening the ICO portal, so information about it will appear on the agency’s website after the Ministry of Finance authorizes the launch of the project.
To invest in ICO, presented on the portal, will be able commercial institutions and individuals, the capital of which is not less than $ 2.21 million. Venture capital firms and private equity funds will be eligible to participate in an ICO if their investment amounts to at least $ 780,000.
According to representatives of the SEC, 7 foreign companies have applied for the opening of ICO portals. At the moment, the Commission has issued a license to conduct cryptocurrency activities of only one foreign company – Bitherb, which is a joint venture of the Japanese cryptocurrency exchange Bitpoint Japan and the Bangkok Asia Herb Association. Bitpoint Japan announced its plans to apply for the opening of the ICO portal in Thailand. Bitherb has already received 4 licenses and will start working by July 30.