The securities regulator of Thailand has revealed that it is poised to allow the establishment of at least one ICO to operate legally and fully for the first time in Thailand. This was revealed by Rapee who is the secretary general of the agency known as the Securities and Exchange Commission. He commented that the Thai market is ripe for harvesting and that ICOs would start getting approval to function fully as soon as December.
It is expected that one portal which would be charged with ICO would be opened as soon as November which would give them the change to analyse its initial coin offerings before giving them their approval. The first approval is expected to happen in December. This final announcement is the culmination of a long push for the digital currencies and its market to be officially recognized in Thailand for the first time. It is to be remembered that all this process started with the royal decree which was issued in May.
The legislators analyzed the issues and finally decide that the appropriate body to vet all cryptocurrencies and decide which should be approved falls on the shoulder of the SEC. they were given the duty of screening the properly before approval. Other agencies who also would like to be part of the vetting process are also been analyzed by the ministry of finance.
After an application is made by a cryptocurrency, there is bound to be no changes to the way things are done until the application process has been completed. This was confirmed the Bangkok Post notes who had applied earlier after the first decree was made way back in May. Once an ICO has been certified to operate in Thailand, it is expected that SEC would still not take any unnecessary chances with the ICOs. Head of SEC explained the reason for their position by asserting that most ICOs today are fraudulent and scams. Therefore, any investors who plan to invest in a new cryptocurrency is taking a huge risk which SEC cannot be held accountable for.
It should be remembered that early, the vice prime minister of Thailand has already called for more measures to be placed to ensure that the regulation of cryptocurrencies is handled properly. This will ensure that the country is updated as to the new threats and patterns of people who seek to exploit consumers.
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