ICO Portal Applications
The Thai Securities and Exchange Commission (SEC), the country’s main cryptocurrency regulator, has revealed the number of companies that have applied to function initial coin supplying (ICO) portals in the country.
According to the Bangkok Insight, Mrs. Praopon Senanarong, the Assistant Secretary of the Thai SEC, said that the regulator is reviewing six software for ICO portals, which are expected to be accepted in the fourth quarter of this year. Moreover, 12 more portals are interested but have not applied for a permit.
Furthermore, the SEC will set up a committee of ICO experts and SEC agents to oversee ICO and ICOs portals.
Business Issuing Token Without Permit
The SEC issued a public warning last week about DB Hold Plc soliciting investments in shares and a token without approval after receiving inquiries from investors regarding the company and best bitcoin casinos! reviews casino review casino.
After investigating, the SEC found that the firm was soliciting investors through social media for company shares and pre-ICO tokens in the sum of 500 million baht (~US$15,346,130).
Emphasizing that DB Hold Plc isn’t authorized to issue tokens, the SEC claims it has ordered the company to stop all actions related to the issuance of the token. The regulator reiterates that no company has been granted approval to issue tokens. Firms that launched their tokens before the adoption of the crypto regulations of the country are exempt from having to apply for a permit.
New Plan for First ICO by Thai Stock Exchange-listed Company
Jmart Plc is the first company listed on the Stock Exchange of Thailand to issue a token. The company issued Jfincoin through its subsidiary, Jventures Plc. Despite much effort, the coin’s value has dropped from 6.60 baht (~$0.20) per coin in February to approximately 1.70 baht (~$0.05) within 6 weeks of launching, Mgr Online reported.
Adding to the loss of investor confidence is the allegation that a Jventures executive has been involved in the bitcoin fraud case involving a soap celebrity scamming a Finnish bitcoiner, the news outlet detailed.
The business has come up with a plan that is new. Jmart is seeking permission from the Bank of Thailand and the SEC to use Jfincoin for payments starting with its Jmart stores. This coin will be the legal token which can be used for payments in the nation if accepted, the publication conveyed.
What do you think of how Thailand is managing ICOs? Tell us in the comments section below.
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