SE Digital, a subsidiary of a leading Thai financial services company, Seamico Securities, became the first initial coin offering (ICO) portal operator officially approved by the country’s Securities and Exchange Commission (SEC), as reported today by the local news outlet. Having obtained approval from the securities regulator, SE Digital is now planning to launch the country’s first investment token “with valuation of as much as THB 2-3 billion” (roughly $65,800,000-$98,700,000).
This move sets a precedent in Thailand’s crypto market history, as it puts the country on par with a few other ASEAN nations that offer fully-compliant ICOs.
“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,” - Stephen Ng, Chief Marketing Officer of SE Digital, commented on the matter.
The company aims to deliver a one-stop shop for ICO projects. SE Digital envisages the provision of a full set of services, including strategic advisory, primary issuance of tokens and secondary market access. The team will assist ICO startups in meeting KYC, CDD and AML requirements before applying for approval by the authorities.
It is also worth noting that SE Digital’s strategic investor, Elevated Returns, plans to launch a secondary market token-trading platform by 2020. The company has already applied to the Thai SEC for approval of this project.