Thai Crypto Exchange Satang to Raise $10 million in STO
Thai Crypto Exchange Satang is all set to raise nearly $10 million in Security Token Offering (STO) as reported by the Nikkei Asian Review report.
Satang is planning to raise these funds in spite of the Cryptocurrency market crashing all over the world. Satang's plans are supported by even the government of Thailand that is looking forward to transforming the country into a blockchain hub by developing a regulatory framework for digital currencies and blockchain. The STO will be conducted in the first quarter of 2019 according to Satang CEO, Poramin Insom.
Satang is reportedly looking to use the $9.9 million investment to create an e-wallet that makes it easier for the user to make payments, and open new Satang shops in tourist attractions like Phuket and Pattaya.
The STO will be conducted in the first quarter of 2019 according to Satang CEO, Poramin Insom.
Thailand's deputy secretary of Securities and Exchange Commission stated that Thai-related STOs breaks the law in the international market. Deputy Secretary Tipsuda Thavaramara stated, "the regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights, and dividends."
Thailand has been positive about Blockchain. The November elections in Thailand were held using Blockchain technology on a mobile app, and Thailand Democratic party became the first party to do so. Over 120,000 members cast their votes in a live e-voting that saw former prime minister Abhisit Vejjajiva winning his party nomination.
According to a tech news outlet, Built-In, data gathered from the app was stored in hash files on Zcoin blockchain developed by Insom.
Satang is reportedly looking to use the $9.9 million investment to create an e-wallet.
On the other hand, Thailand Revenue Department has also started testing blockchain technology for tracking tax payments. According to Ekniti Nitithanprapas, Director General of the Thai Revenue Department, the department "wants to use blockchain technology to prevent VAT refund fraud." The department is also trying to "set its sights on adopting machine learning and using artificial intelligence to learn and study tax-cheating practices", which, according to the department will "compel more people to enter the formal tax system."
Poramin Insom thinks that not only Thailand but countries across the region should switch to the blockchain. He said, "I hope that other political parties or even the government not just in Thailand but in the region can look to using blockchain technology in enabling large-scale e-voting or polling,".