Thailand’s Securities and Exchange Commission (SEC) has reportedly approved the country’s first portal for initial coin offerings (ICOs). The main purposes of these portals are to screen tokens, perform due diligence, ensure project consistency with its whitepaper, and verify the know-your-customer process.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

First ICO Portal

The board of directors of the Thai SEC has approved the country’s first portal for initial coin offerings (ICOs), the Bangkok Post reported Wednesday. The news outlet explained:

ICO portals help screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.

Thailand Approves Country's First ICO Portal

At the time of this writing, the SEC website still shows no ICO portal or ICO issuer has been approved. However, Archari Suppiroj, director of the fintech department at the commission, told the publication that “Thailand’s first authorised ICO portal is being finalised for official approval with the…

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Source: https://news.bitcoin.com/thailand-first-ico-portal/