Thai Securities and Exchanges Commission’s (Thai SECs) deputy secretary has announced that Tha–related Security Token Offerings (STOs) launched in an international is the breach of the law, Bangkok Post, the English-language daily reported on November 29.
The report states that Tipsuda Thavaramara, the deputy secretary of hai SEC said that the “regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights, and dividend.”
Still, the confusion surrounding the regulation of these kinds of offerings looms, as Thavaramara reportedly announced, “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but it depends on the STO’s conditions and the details in its white paper.”
Thavaramara noted according to the Bangkok Post report that an “STO affiliated with Thai investors launching in an international market at this point would be guilty of wrongdoing under the Digital Asset Act” as it would avoid “regulated fund-raising channels.”
Managing director of CLSA Securities Thailand, a Thai securities brokerage provider, Prinn Panichpakdi stated that “the SEC will have to consider how to deal with this” or STOs will “will launch in other markets.”
As per the recent reports, Thailand has plans to legalize Initial Coin Offerings (ICOs), regulate cryptocurrencies and green light cryptocurrency exchanges in a lawful and legitimate way. In late November, the governor of the Bank of Thailand (BoT) commenting on the topic said that the process will take between three and five years for the cryptocurrency to overtake cash in the market.