Thailand’s main cryptocurrency regulator The Thai Securities and Exchange Commission(SEC) has announced that a number of companies have applied to launch an initial coin offering(ICO). The regulator stated that there is at least one company which is operating an ICO without getting an approval from the SEC and warns companies to not issue any tokens without License.
The SEC has planned to set up a committee in September which would consist of ICO experts and SEC representatives. The role of the committee members would be to oversee ICOs and ICO portals.
Last week the SEC had made a public announcement about DB Hold Plc which was selling its tokens to investors. The company has raised US$15,346,130 (500 million baht) in a pre-ICO stage through Social media.
The SEC stated that DB Hold Plc is not allowed to issue any tokens and the firm would have to cease all activities relating to its ICO and issuance of its tokens. No company to date has been granted to issue token by the SEC and those companies which have already launched their cryptocurrency or tokens prior to the country cryptocurrency regulations would be exempted to apply for a license.