The Thailand Securities and Exchange Commission (SEC) disclosed the companies applying to run Initial Coin Offering (ICO) portals from Thailand. To start with, the Thai SEC is the main cryptocurrency regulator in Thailand. In line with their mission, the SEC warned that a certain company was violating the rules by already issuing tokens without its approval.
According to Mrs. Praopon Senanarong, who operates as the Assistant Secretary of the Thai SEC, the agency is currently undertaking a review of applications. Furthermore, she revealed that the Thai SEC has 6 applications for ICO portals at present under its review. In addition to this, applications could be verified by the fourth quarter of the year.
So far, 6 companies have formally submitted proposals to the Thai SEC, and another 12 portals have shown interest. However, they are yet to officially present their interest in terms of a formal application for a license. Therefore, the Thai SEC will install a committee of SEC representatives flanked with ICO experts.
DB Hold Plc Jumps the Rules
Furthermore, the Thai SEC revealed its disapproval at the operational arrogance of DB Hold Plc. The company is already issuing tokens and soliciting investments in form of shares without first acquiring the approval of the SEC. Pointing out the lawlessness of DB Hold Plc in operating outside its approval, the agency has sternly ordered the wayward company to terminate all operations pertaining to issuing tokens.
Much to the Thai SEC’s frustration, DB Hold Plc is using social media to scour for investors for pre-ICO tokens, as well as company shares amounting to 500M baht (~$15,346,130 USD). The Thai SEC strenuously reiterated that no company had yet gained approval for the issuance of new tokens.
Jmart PLC Sneaks into History
In another turn of events, Jmart Plc stakes its place in Thai history as the first company to have attained listing on the Stock Exchange of Thailand issuing a token. Jmart Plc undertook the issuance of a token via its subsidiary JFinCoin. Nonetheless, all has not been rosy for the token which has fallen immensely within its first 6 months. The reason for this fall is not as unforeseen as you might think. The previous Jventures executive is alleged to have partaken in a massive Bitcoin (BTC) fraud. Such allegations have extensively crushed investor confidence in the token. So far, the token has fallen embarrassingly from 6.60 baht (~$0.20 USD) per coin to 1.70 baht (~$0.05 USD)
On May 14, the government of Thai inaugurated the Thai SEC via a decree as the sole regulator of cryptocurrency in the country. The decree gave the Thai SEC supervisory power over cryptocurrency exchanges, ICOs, and brokerage firms.
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