The SEC of Thailand Approves First ICO Portal
By Tyler Smith – Crypto Broker
The Securities and Exchange Commission (SEC) of Thailand has approved the country’s first portal for screening Initial Coin Offerings (ICO).The portal will be used to establish project consistency to its whitepaper, validate the ‘know your customer’ process and perform due diligence on tokens they are seeking to list. Once live, users will be able to exchange Bitcoin or sell crypto to participate in an ICO.
The SEC initially reviewed 7-8 portals for selecting ICOs and approved just the one. The SEC have not released any further details about the portal except that it’s a non-Thailand venture. The portal has been forwarded to the government agencies and, if approved, it would launch its first ICO deal under the new digital asset royal decree.
More and more companies are seeking to sell cryptocurrency via an ICO to raise funds. This portal comes at a time when the SEC are seeking to introduce regulatory framework for those seeking to raise funds through a Security Token Offering. Projects that receive approval from the portal can apply to the SEC to list a security token.
Thailand’s current laws prevent any company tokenising a security and launching an STO. The SEC is currently addressing the criteria to introduce standardised rules for STOs to allow firms to apply for a securities operator licence when necessary. With the licence, a company will be able to exchange crypto for their security token.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards