The Securities and Exchange Commission in Thailand has revealed the state of several ICO portal applications in the country, including the number of companies applying to register for an ICO portal, the issuance of a warning to a company that released a token without formal approval and the first Thai Stock Exchange-listed company’s plan to reinvigorate its coin. The SEC will also forge a committee comprised of SEC representatives and ICO experts to supervise ICOs and ICO portals in September.
The State Of ICO Licensing In Thailand
The SEC reported that there are currently 6 applications under review for ICO portals, which are projected for approval during the fourth quarter of 2018. There are 12 other interested parties that have not applied for an ICO license. In addition, the SEC announced it will form a committee of representatives and ICO experts to manage ICO portals in September 2018.
Last week, the SEC had put out a public warning directed towards DB Hold Plc, a firm involved in issuing a token without approval. After having looked into this matter, the SEC discovered that DB Hold Plc has also been soliciting investors for company shares and pre-ICO tokens worth approximately 500 million baht, or $15,346,130.
Following the investigation, the SEC has ordered the company to discontinue all operations in connection with token’s distribution. Other companies have seen a similar outcome, as no company has received the approval to issue new tokens, owing to the country’s new crypto regulations. However, companies that released tokens before the implementation of the new laws are not subject to apply for a license.
New Plan For Thai Stock Exchange-listed Company’s First ICO
The first company listed on the Stock Exchange of Thailand and the first to issue a token is Jmart Plc. Through its subsidiary, J Ventures Plc, the company released its token, the Jfincoin in February 2018. The value of Jfincoin has declined within six months, from a price of 6.60 baht (about $0.20), to 1.70 baht (about $0.05) in August 2018.
Jmart Plc has announced a new plan following the allegation of its prior J Ventures executive playing a role in a widely publicized case of Bitcoin fraud. The plan involves Jmart in a venture to gain permission from the Bank of Thailand and the SEC to allow for Jfincoin to be used in store payments. The plan is currently awaiting a response and if approved, Jfincoin would be Thailand’s first cryptocurrency legally permitted to be used in payments.
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