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Thai Parliament Approves Amendments Allowing Issuance of Tokenized Securities

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Thailand’s National Legislative Assembly has formally allowed the issuance of tokenized securities on blockchain, main newspaper The Bangkok Post reports on Friday, Feb. 22.

The executive will amend the Securities and Exchange Act, in line with the object. As quickly because the adjustments come into impact later in 2019, tokenized securities comparable to shares and bonds may also be formally issued on blockchain.

The Thai Securities and Exchange Commission (Thai SEC) will factor further regulations in order that crypto platforms can search a securities depository license. According to Thai SEC deputy secretary Tipsuda Thavaramara, the regulator may also permit companies that perform as depositories of securities and virtual tokens to use for such licenses.

Previously, the aforementioned act outlined Thailand Securities Depository Co Ltd, a subsidiary of the Stock Exchange of Thailand (SET), as the one corporate authorized to perform as a securities depository for the SET’s securities buying and selling operations.

The Thai SEC may also make a decision whether or not a security token offering is regulated underneath the present securities act or the royal decree on virtual property. The determination depends upon the rights and tasks related to a specific token, the newsletter notes.

Earlier this 12 months, the Thai Ministry of Finance issued virtual asset industry licenses to 4 crypto-related companies underneath the advice of the Thai SEC Board. Two different candidates did not agree to Thai SEC regulations and have been rejected.

As Cointelegraph up to now reported, the National Electronics and Computer Technology Center of Thailand is exploring the usage of blockchain in e-voting. The answer might be deployed within the quick time period in a closed surroundings; for instance, Thai nationals residing in another country may move to an embassy or consulate to vote and check their identities on blockchain.

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