Thailand prepares to certify first ICO portal

Lizzy Murray

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Thailand seems to have some conflicting opinions regarding the cryptocurrency industry. The Deputy Prime Minister is asking for additional control over cryptos but this week, the Thai Securities and Exchange Commission said at least one ICO portal will be certified this month.

A Bangkok Post report reveals the Thai SEC is currently working on ICO and cryptocurrency regulation. Rapee Sucharitakul, SEC Secretary-General said:

“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,”

Six crypto exchanges currently operating in the country are waiting to receive full approval from the regulator. The ICO portals will verify Initial Coin Offerings, KYC processes, smart contract source code, as well as the conducting of due diligence.

However, ICO portals won’t be able to conclude if the projects will be successful. The SEC head clarified:

“We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade,”

Sucharitakul also said they have no plans on modifying existing regulations for digital currencies.

Another report from the Bangkok Post shows an opposite view on crypto from Deputy Prime Minister Wissanu Krea-ngam who demands more control over cryptocurrencies using terrorism financing as a classic excuse. During a Counter-Terrorism Financing Summit he said that “more efforts” are required to stay up to date with the latest tactics in regards to digital assets.

He also declared that AML and counter-terrorism experts should keep up with the latest trends in cryptocurrencies. The politician considers the regulations on digital currency trading that have been implemented this year are insufficient.

 “The laws need to be amended in the future so that we can better keep up with technological changes,”

Thailand has been under the control of a military junta for the past four years. The government is known for sudden changes of opinion and one of the latest examples is the revoking of the proposed 7% VAT on all cryptocurrency trades which would have been a severe blow to the industry in the country.