Thailand’s ICO Portal Certification is on the Horizon
Thailand is gearing up for a substantial move in the cryptocurrency space, with plans to certify at least one Initial Coin Offering (ICO) portal by November. This announcement comes courtesy of Rapee Sucharitakul, the secretary general of the Thai Securities and Exchange Commission (SEC), confirming that the first certified portal is just around the corner.
A Bright Future for ICOs in Thailand
Following the portal approval, the Thai SEC aims to greenlight ICO offerings, potentially starting by December. This exciting development signifies an end to speculations and the beginning of a regulated environment for ICOs in the region. Sucharitakul highlighted that this is part of a broader effort to formalize and secure the cryptocurrency market, which has been under scrutiny since the royal decree was issued in May.
What’s Under the Regulatory Microscope?
The new legislation encompasses all cryptocurrency activities in Thailand, from ICOs to exchanges, and mandates that the SEC vet any new operators. This lengthy vetting process ensures only legitimate entities make it to the market, thus safeguarding investors from potential scams and illiquid tokens.
Current Status of Applications
A further five operators are currently under consideration by the Finance Ministry, all of which continue business as usual while awaiting their certification. They submitted their applications during a designated cooling-off period of 90 days post-decree issuance, allowing them to operate without interruption while ensuring compliance with emerging regulations.
Investor Caution Amidst Excitement
Despite this progressive step, the SEC remains vigilant, warning investors to tread carefully in the often murky waters of ICOs.
“Investors should be wary of ICO offerings; they can either be scams or simply lack sufficient liquidity to trade,” said Sucharitakul.
This cautionary note echoes sentiments from reports last month and serves as a reminder that with great opportunities come significant risks.
Broader Measures for Consumer Protection
At a recent Counter-Terrorism Financing Summit, Thailand’s Deputy Prime Minister emphasized the necessity for enhanced regulatory frameworks to combat evolving threats and align domestic regulations with international standards. It’s clear that the Thai government is taking a proactive stance in both innovation and consumer protection.
Leveraging Technology for Tax Verification
In a related move towards modernization, the Revenue Department of Thailand is exploring blockchain technology and machine learning to ensure the accuracy of tax payments and expedite the refund process. This step not only boosts efficiency but also enhances transparency in tax management—a critical aspect as the country embraces digital transformation.
