The Thai Securities and Exchange Commission's (SEC) board of directors has reportedly authorized the first ICO portal that allows to screen ICOs, perform due diligence, confirm smart contract source codes and conduct Know Your Customer (KYC) procedures. The operator of the ICO portal is reportedly a foreign entity.
Archari Suppiroj, director of the fintech department at the SEC, reportedly told the Bangkok Post, “Thailand's first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry. [...] The first ICO deal will be available for public offering in the near future under the digital asset royal decree.”
According to Archari, the ICO market has began to mature from project-based and intangible ideas to ICOs backed by physical assets. Archari also revealed that “in the future” the SEC will issue criteria that enables companies to tokenize securities and other assets.
Initially, the Thai SEC intended to clear the first ICO portal to operate legally last November, with plans “to approve each ICO offering, which might start in December.”
Last December, the Thai SEC announced its plans to consider loosening rules that form a “barrier” to ICOs, although there will be caps on participation. Tipsuda Thavaramara, general secretary of the Thai SEC then said:
“The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments, while taking risk management and investor protection into account.”