Thailand’s Securities and Exchange Commission has approved the country’s first initial coin offering (ICO) portal, the Bangkok Post reported on Wednesday. The portal will be operated by an unnamed foreign company, according to the director of the SEC fintech department, Archari Suppiroj.
Archari said that the SEC engaged in pre-consultations with seven or eight companies seeking to operate initial coin offering portals. Those portals are designed to “help screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.” The director also noted that the newly-approved portal’s final approval with the Commerce Ministry and other relevant agencies is currently being finalized as well.
In addition, the SEC’s board of directors are expected to finalize criteria addressing securities token offerings (STO) in the near future. Archari noted that companies still need to apply for licensing before launching STOs, since those securities operation fall under the purview of the Securities and Exchange Act. She also said:
"In the future, the SEC will issue a criteria that allows companies to apply tokenisation to securities and other assets. This will help bridge the digital asset royal decree and securities law.”