Initial Coin Offerings (ICO), the very first portal of Thailand has been approved by the Securities and Exchange Commission (SEC) of Thailand. The portal aims to screen tokens, perform due diligence, ensure the project consistency with its whitepaper and finally verify the Know Your Customer (KYC) process. It has been detailed by the primary regulator of the crypto industry of Thailand, the SEC that the keen candidates or the ICO issuers must be approved first by an ICO portal prior to applying for the approval with SEC. The website of the ICO clearly details out the eligible ICO investors. Venture capital firms and the private equity funds can also invest besides the institutions and the high net worth individuals with at least 70 million baht (~$2.21 million) worth of the assets or at least 25 million baht of investments.
As per the Bangkok Post, it revealed that approximately seven to eight companies have had prior consultations with the SEC to operate ICO portals. It has also been known that the approved operator is a foreign entity. During the last week of March 2019, Bitherb Co.Ltd who is having a joint venture between the Japanese crypto exchange Bitpoint Japan and Asia Herb Association Bangkok Co.
Ltd, was the only approved foreign company listed on the Thailand’s SEC website to operate the digital currency businesses in the country. Bitpoint Japan has recently announced that they are pursuing a license to operate the ICO portal in Thailand in addition to the four licenses they have obtained from the Thai regulator. The existing trio digital asset exchange operators in Thailand are Bitkub Online Co. Ltd, Bitcoin Co. Ltd and Satang Corp. Moreover, Coins Th. Co. Ltd has been approved as a digital asset dealer and broker.