The Thai Securities and Exchange Commission declares the number of applications from businesses willing to operate their ICO portals in Thailand. However, Jmart is already issuing the token without any approval. Meanwhile, the initial company listing Stock Exchange is all set to announce the token with new plan revitalizing its coin.
Thai SEC Evaluating ICO Portal Application
In accordance with Bangkok Insight, the Assistant Secretary at Thai SEC, Mrs. Praopon Senanarong says that the regulator is evaluating six ICO portals applications. These apps are expected to be accepted within the fourth quarter of 2018. Also, 12 additional portals are showing interest, however, have not sent a formal application for a license.
Furthermore, the report states that Thai SEC will likely arrange a committee including the ICO experts with SEC representatives. In September, they will oversee Initial coin offerings and ICO portals.
Last week, the SEC also issues a public warning about DB Hold Plc. seeking investments in shares. They are also said to solicit tokens without approval. The warning issuance was done after performing inquiries from investors about the company.
Just after the investigation, the SEC realized that the firm was soliciting investors via social media regarding shares and pre-ICO tokens somewhere around 500 million baht (~US$15,346,130).
Focusing that DB Hold Plc. does not hold the authority to issue tokens; the SEC has issued the firm an order to cease all activities relating to token issuance. The firms launching their tokens before crypto regulations adoption in the country, however, are exempt to apply for the license.
Jmart: Thai Stock Exchange Listing Company with New Plan to Issue Token
Jmart Plc. is the initial firm that comes under the Stock Exchange Listing in Thailand which is ready to issue the token. The firm issues Jfincoin via Jventures Plc., which is its subsidiary.
According to the Mgr. online report, the value of coin dropped in February from 6.60 baht (~$0.20) per coin to around 1.70 baht (~$0.05) within six months after launch.
Jmart is ready to set up their new plan to seek the permission from the Bank of Thailand. They are also looking for the SEC to use their Jfincoin regarding payments in stores, initiating with its own Jmart stores.
The reports convey that if the approval is out, this coin will be the initial legal token for payment usage in Thailand.