SE Digital, a subsidiary of Thailand’s Seamico Securities, is planning to launch the first investment token in the country with a target transaction size of THB 2 billion and THB 3 billion ($65.8 million and $98.7 million respectively).
As reported by Bangkok Post on Friday, the platform received approval from the Thai Securities and Exchange Commission (SEC) to operate as a regulated initial coin offering (ICO) portal.
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Apart from acting only as an ICO portal, the company will also provide additional services including strategic advisory and access to secondary markets. It will also vet the approached projects before they seek approval from the SEC.
The report also detailed that Elevated Returns, a strategic investor in Seamico Securities, has applied for digital assets exchange license from the SEC and is planning to list the tokens which will conduct ICO on SE Digital’s platform.
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“We are glad to have obtained an approval to operate as the official ICO Portal and are excited to turn a new page on Thailand’s capital market history as the country will become one of the first nations in ASEAN to offer regulated digital token offerings,” Jesadavat Priebjrivat, CEO of SE Digital, said.
“Having obtained an approval from the SEC, 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 with a new fundraising alternative that allows access to a wider pool of capital providers with cost savings accrued from the digitisation on the blockchain.”
Thailand is one of the countries which has a positive stance towards digital currencies and is trying to regulate the sector. Any entity dealing in such currencies need to receive approval from the regulators.
Meanwhile, Bitcoin Co., one of the leading crypto exchanges in the country, terminated is services last month, citing its interest in other business areas.