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Thailand Authority to Allow First ICO Portal in the Country

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Thailand Authority to Allow First ICO Portal in the Country

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Thailand’s top securities regulator will allow the first Initial Coin Offering (ICO) portal to function from this month according to local news reports. The move comes after the government appeared to have loosened up its stance on ICOs in a bid to attract more investment in the sector.

Rapee Sucharitakul, the Secretary-General of the Thailand Securities and Exchange Commission, however, has said that ICOs themselves will have to start seeking official approval from the commission individually so that they can be made available to Thai investors.

Sucharitakul said:

“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,”

Thailand government’s efforts to legalize ICOs and cryptocurrency markets began in May with a royal decree. Now the confirmation from the head of the country’s SEC shows it is entering the final stages to legalize the sector. The new legislation is also expected to vet the ICOs and new projects wanting to operate in the country. Over five such ICOs were currently under review by the Finance Ministry in Bangkok.

While the SEC has been complying with government orders, it is still generally skeptical towards cryptocurrencies and has warned the public against investing too much in ICOs because they could be scams.

The Prime Minister also urged additional measures to be introduced to counter the threat of terrorism financing and other threats to customer security. The country’s revenue department has also revealed plans to speed up the tax process using blockchain technology.

So, overall the country is moving along a progressive curve when it comes to cryptocurrencies and blockchain technology.

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