Regulation Thailand’s Securities and Exchange Commission (SEC) has reportedly revealed that it expects to approve the country’s first portal for initial coin offerings (ICOs) this month, with ICO approvals to follow. According to the country’s crypto regulation, a portal’s role is to examine companies planning to launch an ICO.
Approval Expected in November
The Thai SEC expects to approve the country’s first ICO portal this month and the first ICO next month, local media reported on Thursday. Rapee Sucharitakul, secretary-general of Thailand’s SEC, was quoted by the Nation as saying:
At least one ICO portal is expected to gain approval by the end of November … the approval process for ICO is expected to begin in December.
The news outlet explained that an “ICO portal service acts as a financial adviser to companies planning to launch an ICO. Its role is to examine the purpose of an ICO launch and the business plans of the companies planning these offerings.” According to the Thai crypto regulation, ICOs must be examined by an ICO portal prior to gaining approval from the regulator.
Rapee added that “The key for an ICO approval lies in providing clear and easy-to-understand information to investors,” the news outlet conveyed. He insisted that currently “fundraising through an ICO is still illegal.” The Thai SEC has issued several warnings against unauthorized tokens.