Thailand’s first cryptocurrency offering underway

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Thailand’s first initial coin offering (ICO) of a cryptocurrency issued by a listed company was launched on February 14 despite unclear regulations with regards to digital currencies in the country and a recent circular by the central bank that commercial banks and all other financial institutions should abstain from dealing with Bitcoin & Co.

The ICOs comes from Jay Mart, a Thai-based electronics retailer. The firm plans to issue issue pre-sales of so-called JFin coins until February 28 through its subsidiary J Ventures, with an official ICO set to commence on March 1 until March 31. J Ventures plans to create 300 million digital tokens, with 100 million JFin coins to be offered in the first phase.

According to analysts, there are a number of Thai companies intending to stage an ICO. However, the central bank request and the absence of a regulatory framework by the country’s financial watchdog Securities and Exchange Commission (SEC) are holding them back.

While the central bank mainly highlighted the possibility of using cryptocurrencies for illegal activities, proponents argue that ICOs can be used by fintech startups to raise funds in lieu of venture capital, something that would be in line with Thailand’s ambition to establish a digital economy.

Currently,, there is no legal framework to supervise digital assets in Thailand, according to SEC secretary-general Tipsuda Thavaramara. The final round of public hearings on the ICO regulatory framework, drafted by the SEC, was completed on January 22 after being extended twice. The ICO regulatory framework is expected to be announced next month, Thavaramara said.

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Reading Time: 1 minute

Thailand’s first initial coin offering (ICO) of a cryptocurrency issued by a listed company was launched on February 14 despite unclear regulations with regards to digital currencies in the country and a recent circular by the central bank that commercial banks and all other financial institutions should abstain from dealing with Bitcoin & Co.

Reading Time: 1 minute

Thailand’s first initial coin offering (ICO) of a cryptocurrency issued by a listed company was launched on February 14 despite unclear regulations with regards to digital currencies in the country and a recent circular by the central bank that commercial banks and all other financial institutions should abstain from dealing with Bitcoin & Co.

The ICOs comes from Jay Mart, a Thai-based electronics retailer. The firm plans to issue issue pre-sales of so-called JFin coins until February 28 through its subsidiary J Ventures, with an official ICO set to commence on March 1 until March 31. J Ventures plans to create 300 million digital tokens, with 100 million JFin coins to be offered in the first phase.

According to analysts, there are a number of Thai companies intending to stage an ICO. However, the central bank request and the absence of a regulatory framework by the country’s financial watchdog Securities and Exchange Commission (SEC) are holding them back.

While the central bank mainly highlighted the possibility of using cryptocurrencies for illegal activities, proponents argue that ICOs can be used by fintech startups to raise funds in lieu of venture capital, something that would be in line with Thailand’s ambition to establish a digital economy.

Currently,, there is no legal framework to supervise digital assets in Thailand, according to SEC secretary-general Tipsuda Thavaramara. The final round of public hearings on the ICO regulatory framework, drafted by the SEC, was completed on January 22 after being extended twice. The ICO regulatory framework is expected to be announced next month, Thavaramara said.

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