The Thai cryptocurrency exchanger, Satang Corp., plans to raise about $ 10 million in investment in support of STO (security tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details offering) (link), despite the recent market crisis, according to information published on December 4 in the Asian Nikkei review.
Satang Corporation's plans are reportedly supported by the Thai government. It is known that today the Thai authorities are trying to turn the country into a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details center by developing a regulatory framework for digital currencies. According to the general director of the Poramin Insom exchange, STO was implemented in the first quarter of 2019.
According to the report, Satang Corporation plans to use $ 9.9 million to develop an electronic wallet. According to the developers, it will allow users to use a closed payment system, as well as create Satang stores in tourist centers such as Phuket and Pattaya.
STO in Thailand is presented as a new type of financial product that covers two different regulatory classifications and does not require mediation.
Just last week, the deputy secretary of the Securities and Exchange Commission of Thailand, Tipsuda Thavaramara, said that: "(...) Thai organizations running internationally violate the law (...) the regulatory authority will have to consider how to handle STO in matters of ownership, voting rights and dividends" – Tipsuda Thavaramara.
Cryptocurrencies in Thailand
Recall that in November of this year, Poramin Insom, Founder and Core Developer at Zcoin, helped promote blockchain technology during elections in the country's Democratic Party. Elections for the party leader were held on a mobile application based on the blockchain technology, reported in Tech News on November 16. The data collected from the application was stored in hashed files, which were subsequently stored in the Zcoin blockchain developed by Insom.
"I hope that other political parties or even the government not only in Thailand, but also in the region can use blockchain technology, allowing large-scale electronic voting and polls" – Poramin Insom, Founder and Core Developer at Zcoin.
Many experts regard STO in Thailand as a wave of cryptocurrency support.
More details in the review: "STO (Security token offering) – the specifics of the work, the main differences from the ICO"
Editor: Alyona Nabok