The Thai Securities and Exchange Commission (SEC) has according to a report by Bangkok Post, approved the country's first initial coin offering (ICO) portal.
The new platform would be operated by SE Digital, a subsidiary of leading financial services firm Seamico Securities and will provide an extensive suite of services to companies who wish to raise money via the sale of crypto tokens.
For instance, SE Digital will provide services such as strategic advisory, token issuance, compliance, and investor communications to ICOs that become their clients.
Also, being approved by the Thai SEC means that SE Digital would also be responsible for helping projects reach regulatory compliance by fulfilling anti-money laundering and counter-terrorism financing (AML/CFT), and other investor suitability requirements.
Speaking on the milestone moment for both the startup and the Thai crypto and financial services ecosystem, Chief Marketing Officer of SE Digital, Stephen NG reportedly said:
SE Digital will be able to promote the tokenization of traditional assets providing investors with access to previously illiquid and difficult to access assets such as commercial real estate and investment products with global exposure, while offering issuers [......] access to a wider pool of capital providers with cost savings accrued from the digitisation on the blockchain.
Meanwhile, to further develop its platform, the report noted that SE Digital plans to launch the country's first regulated token offering targeting a transaction size between THB 2 billion and THB 3 billion ($65,800,000-$98,700,000).
Further, Elevated Returns, a strategic investor in the parent company, Seamico Securities, has reportedly applied with the Thai SEC for a license to operate a digital asset exchange that would likely serve as a secondary market for assets issued on SE Digital's newly approved ICO Portal.
As Stmarket.co reported, talks of a regulator-approved ICO Portal in Thailand first surfaced last year, before another update in March confirmed that the platform was almost ready. There are also reports that Thailand's national stock exchange plans to launch a digital asset exchange.