The first preliminary coin providing (ICO) by a publicly traded firm in Thailand has begun buying and selling on a few native exchanges. Meanwhile, the regulators are nonetheless drafting the authorized framework for cryptocurrencies and token gross sales.
First Public Company to Launch ICO
The launch of an ICO by a publicly traded firm has paved the method for different token gross sales in Thailand.
Jay Mart Plc’s subsidiary, J Ventures Limited, launched its ICO known as Jfin Coin final week. Jay Mart Plc operates in the wholesale and retail sectors for cell phones and expertise equipment and is listed on the Stock Exchange of Thailand (SET).
The pre-sale of Jfin Coin was held on February 14 at the charge of 6.60 baht (~US$0.21) per token, which was bought out. Its ICO debuted on native cryptocurrency change Coin Asset at 6.45 baht, however shortly tanked 57.09% to roughly three baht earlier than regaining a few of its losses. It is at present buying and selling at 3.94 baht (~$0.12).
Initially, J Ventures was going to commerce the tokens on a a lot bigger crypto change in the nation, the Thai Digital Asset Exchange (TDAX). However, the firm switched to Coin Asset, which has a lot decrease liquidity, in keeping with the Bangkok Post.
Jfin Coin additionally began buying and selling this week on one other native platform, Cash2coins. J Ventures CEO Thanawat Lertwattanarak instructed the information outlet that the firm plans to listing Jfin Coin on Hong Kong’s Hitbtc in addition to South Korea’s Upbit in the close to future. His assertion got here previous to Upbit being investigated by the Korean authorities for alleged fraud.
Other ICOs Follow
The Thai authorities is at present drafting the regulatory framework for cryptocurrencies and ICOs. However, some firms aren’t ready for the authorized framework to be launched.
Following Jfin Coin, Zmine Holdings Limited can also be planning a token sale. CEO and co-founder Kasem Pativitvatana stated the firm expects to boost at the least 180 million baht (~$5.6 million) by way of the issuance of 100 million ZMN tokens in order to develop its crypto mining enterprise which started in 2014, Prachachat Turakij reported.
The pre-sale of ZMN tokens started final week. MGR Online reported that 2 million tokens have been bought on the first day for roughly 3.5 million baht (~$109,825).
Recently, “the Finance Ministry took steps to put the brakes on the Initial Coin offering (ICO) bandwagon by threatening to hit the emerging ICO market with value-added tax and capital gain tax,” the Nation Multimedia described, including:
Under the proposed new legal guidelines, the [Thai] Securities and Exchange Commission (SEC) can be accountable for regulating the ICO market, masking securities and different kinds of digital tokens. One key function of a associated new legislation covers the electronic-KYC (know your prospects) requirement aimed toward stopping cash launderers and different criminals from benefiting from the new funding channel.