Thailand Develops Permissive Regulatory Climate As First ICO Launches

Thailand develops a permissive regulatory framework after the initial plan to ban Bitcoin in 2013.
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The country has even come up with different crypto fundraising methods as we are about to read further in the altcoin news today.

The Thai financial services company Seamico Securities recently announced that it has received approval from the Securities and Investments Commission to operate with its subsidiary SE digital, as a regulated initial coin offering portal. By doing this, SE Digital obtained permission to launch the first legitimate ICO in Thailand with the company announcing that it hopes to raise between 2 billion and 3 billion Thai baht (between $66 million and $99 million) via the token sale.

The CEO of SE Digital, Jesadavat Priebjrivat described the approval of the first ICO portal in the country as turning a new page on the capital market history in the country adding that Thailand will become one of the first nations in the Association of Southeast Asian Nations that will offer regulated digital token offerings.

Thailand’s ICO sector has matured dramatically since the start of 2018. Back in January, Bangkok Post reported that J Ventures which is a subsidiary of mobile accessories company Jaymart was preparing to become the first Thai company listed on the Stock Exchange of Thailand. The company was looking to conduct an ICO to distribute 100 million of the Jfin cryptocurrency which is a utility token set to power J Ventures’ lending platform with a total supply of 300 million tokens. J ventures have not conducted the final phase of the token offering since.

In 2018 Thailand develops the last round of public hearings and completed it right before the proposed regulatory framework for ICOs was completed. J Ventures launched the presale of the ICO selling 87 percent of the 100 million tokens on the first day before they sell-out. J Ventures raised more than 660 million Baht which priced the JFin cryptocurrency at approximately $0.22 each.

In March 2018, the Thai cabinet approves a draft decree to go into effect as of May 14 that provides oversight for companies that operate with cryptocurrencies or ICOs. The decree required that the crypto businesses need licensing and report to AML authorities and tasked the Thai SEC with the regulating the sector.