Thailand Stock Exchange Offers Blockchain-Powered Crowdfunding Platform

The Stock Exchange of Thailand released a blockchain-powered platform in hopes of helping the startup ecosystem in the country take off.

The Stock Exchange of Thailand announced on Friday the launch of its new blockchain-powered crowdfunding platform as part of a plan to help spur investment in startups and small enterprises.

Known as LiVE, the platform aims to provide a “complete startup ecosystem,” including education for new businesses and easier access to institutional investors.

“‘LiVE’ platform will be a key mechanism to help drive forward Thailand’s growth especially enabling startups and SMEs to have more financial access through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using the partnership to expand their customer base,” said SET president Kesara Manchusree.

So far, only eight businesses have been targeted by the stock exchange, though they came from various industries. After the successful pilot, SET is asking over 50 more companies to join in.

To be eligible to join this program, applicants must be Thai companies that have been thoroughly vetted and audited by the competent authorities. In addition to the legal stuff, they must prove that they raised at least 5 million THB (~$155,000) in the past.

For sums that surpass 100 million THB (~$3,100,000), applicants must present financial statements certified by the local Securities and Exchange Commission.

Thailand is one possible venue for cryptocurrency startups seeking refuge from stricter regulatory climates, as the country has so far not taken any harsh actions against its own digital currency market. Its local fintech groups have in fact supported making the SEC the chief regulator for ICOs and cryptocurrencies.

This is in contrast to South Korea, where an ICO ban forced several companies to relocate their operations. Perhaps the most notable case was that of Bithumb, which decided to hold its ICO in Singapore.

However, aspiring cryptocurrency companies that want to get their footing in Thailand have to contend with the fact that there are other markets available to them, such as South Korea and Japan, which provide much larger potential customer bases.

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