Thailand’s Securities and Exchange Commission (SEC) has allowed Bangkok-based SE Digital (a subsidiary of Seamico Securities) to provide a fully regulated Initial Coin Offering (ICO) platform. Thailand will become one of the first countries in Asia to offer the sale of digital tokens in a fully legal way. Thailand has been one of the most proactive cryptocurrency jurisdictions in Asia with a regular flow of regulatory guidelines focussed on promoting the blockchain and cryptocurrency industries.
According to an official letter to the head of Thailand's Stock Exchange, the game is on:
According to the Reference letter Seamico Securities Public Company Limited (the “Company”) informed the Stock Exchange of Thailand that SE Digital Company Limited (“SE Digital”), a 99.99% subsidiary of the Company has obtained an approval to operate as an ICO Portal but subject to demonstrating the readiness of the ICO Portal platform.
Please note that the Office of Securities and Exchange Commission has informed SE Digital on 7 October 2019 that the operational system to operate as an ICO Portal is ready and SE Digital would be able to initiate its business.
Please be informed accordingly.
SEAMICO SECURITIES PLC.
Reports from the Thai media indicate they will also launch their own investment token valued around THB 3 billion (USD $98 million).
“SE Digital Co., Ltd. (SE Digital), a subsidiary of a leading Thai financial services firm, Seamico Securities Plc (ZMICO), has officially obtained approval from the Securities and Exchange Commission (SEC) to fully operate in Thailand as an Initial Coin Offering (ICO) Portal. Its inaugural ICO Portal operation will mark the official beginning of the regulated digital capital market and drive the transformation of Thailand into an advanced economy.”
Jesadavat Priebjrivat, Chief Executive Officer of SE Digital told the Bankok Post:
“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. Having obtained an approval from the SEC, SE Digital will be able to promote the tokenisation 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.”
SE Digital says they want to establish a central station for digital token offerings, including strategic advisory, primary issuance and support for secondary market access including lifecycle management of digital tokens from compliance to investor communications.
The company will screen issuers that are looking to raise capital before they seek approval from the SEC as well as perform KYC and AML on retail investors in Thailand, institutional investors, ultra-high net worth individuals, venture capital, and private equity funds who can also invest in these digital tokens.
Stephen Ng, Chief Marketing Officer of SE Digital told the Bankok Post:
“We are thrilled to be part of the digital transformation journey here in Thailand – Thailand already has a strong foundation for digital transformation, such as its positioning as a regional financial hub, a growing and vibrant start-up community, and a progressive regulatory regime that promotes digital innovation. We look forward to contributing to this journey. Combining our partners’ global expertise with our local know-how and a large customer base, we are well-positioned to become the leader in asset tokenisation, democratising financing for and access to traditional assets. We aim to work closely with our partners to launch investment tokens and we are excited to bring the concept of digital capital market to actual implementation.”
“In addition, our ICO Portal will not only enable issuers and investors to capture the unexplored opportunities previously beyond their reach but also attract businesses and technology companies interested in digital tokens to Thailand. This will, in the long-run, support Thailand’s digital economic transformation,” added Stephen. “As asset tokenisation fully takes hold, it will help bolster innovation and competitiveness of Thailand’s capital markets. This digital transformation will bring Thais, public sectors and private sectors forward by providing them with greater access to capital formation and new investment opportunities, enhancing transparency, and automating of costly compliance requirements,” Stephen concluded.
Seamico Securities Plc (“SEAMICO”) was officially established in 1974. The company has been approved by the Ministry of Finance and the Securities and Exchange Commission to engage in business activities related to the securities industry including Securities Brokerage, Securities and Derivatives Trading, Investment Advisory, Securities Underwriting, Financial Advisory, Derivatives Agent and Asset Management. The company operates under the brand concept “Values Beyond Money”, is a “Great Ideas” professional financial company that offers innovative investment products.
Also published on Medium.