Thailand Legislative Assembly Permits Issuing Of Tokenized Securities

The national legislative assembly of Thailand has officially allowed the issuing of tokenized securities on a blockchain according to the blockchain news coming from the local newspaper The Bangkok Post.

According to the article, the government will amend the Securities and Exchange Act and after the changes come into effect, all tokenized securities can be issued on a blockchain officially.

The Thai Securities and Exchange Commission will also provide further rules so all of the crypto platforms can seek a securities depository license. The Thai SEC secretary Tipsuda Thavaramara explained that the regulator will permit all of the crypto-related businesses or the businesses that function as depositories of securities to apply for the same licenses.

The previously mentioned explained the Thailand Securities Depository Co Ltd as the only subsidiary of the Stock Exchange Of Thailand to have the permission to operate as securities depository.

The Securities and Exchange Commission of Thailand will also decide if a security token offering is regulated within the current act or the royal decree. The decision depends on the rights of the particular token.

At the start of this year, the Thai Ministry of Finance issued four licenses to crypto-related companies under the SEC recommendation but two of them failed to comply with the rules and later got rejected.

As previously reported, the National Electronics and Computer Technology Center of Thailand is exploring how blockchain can be used in e-voting and the solution can end up being deployed in the short term for a smaller environment such as for the Thai nationals that live abroad to go to the embassy to vote and verify their identity on the blockchain.