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Thailand clarifies their licensing process for ICOs and provides warning

In the beginning of the growth of the initial coin offering (ICO) sector, there was little to no regulations or oversight in place on the sector by the authorities.

Thailand clarifies their licensing process for ICOs and provides warning August 28, 2018Leave a comment

In the beginning of the growth of the initial coin offering (ICO) sector, there was little to no regulations or oversight in place on the sector by the authorities.

This led to a lot of wildness to enter into the space, whether it was through fraudsters who were trying to take advantage of this lack of oversight to peddle their fraudulent offerings or simply for those offerings which were navigating the space blindly and not structuring their token sales very well.

Thankfully, since the turn of the year, the authorities across the world have started to understand the sector a lot better and they have been able to develop suitable guidelines and regulations to ensure that they are protecting investors in the space. While these were a long time coming, they are finally here in most cases.

One of the countries that are set to implement their own guidelines in the near future is Thailand. They have recently clarified some of the key issues, as well as having issued a warning.

What are the details about this latest announcement in Thailand?

The Securities and Exchange Commission in Thailand has referred to some of the applications it has received from those companies which are looking to hold their own token sales. They have found that one of the non-applicants is currently trying to hold an ICO without having a license to do so.

There are currently six applicants awaiting approval for an ICO portal in the country, with approval not expected until the 4th quarter. There are also a dozen others interested but they have yet to submit a license application.

The SEC has yet to create the committee to oversee both the portals and ICOs, which will be made up of representatives from the SEC as well as those well versed in the ICO sector.

The SEC in the country has also issued a warning in relation to DB Hold PLC having issued tokens without receiving their approval. They had been approaching potential investors via social media, swapping pre-ICO tokens and company shares.

They have been issued with a cease and desist order as a result. As of yet, the authorities have yet to approve any ICO for operation, which means that investors are aware that any parties who appear to be holding an ICO currently, are not regulated by the authorities and therefore no protections are in place.

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