SET president:People's confidence in digital money takes times

BANGKOK, March 7 (TNA) - Stock Exchange of Thailand (SET) President Kesara Manchusree says that it actually takes some times for people to have confidence in digital money trade and investment, while SET will soon publicly disseminate detailed information on the cryptocurrency. Kesara made the remarks on March 6 in response to a growing trend that both listed and non-listed firms on the Thai bourse have been interested in mobilizing their funds through the initial coin offering (ICO) of the cryptocurrency, in which a certain amount of digital money is preallocated to each investor in the form of "tokens" supposedly becoming units of currency when the the ICO project is launched and its goal is met. Kesara stressed that SET has no mandate to approve or not to approve any fund mobilization through an ICO project of digital money by local businesses, but, based on the SET regulations, listed firms launching an ICO project of cryptocurrency must thoroughly and comprehensively publish their detailed project and processes for investors' consideration and decisions. Kesara told journalists that SET is preparing detailed information on the cryptocurrency to be soon publicly disseminated for prospective traders and investors to study, covering risk factors of digital money. "More than half of overseas firms that have mobilized their funds through ICO projects on digital money have failed so far; so, Thai investors should know such necessary information as a firm launching the ICO project on the cryptocurrency runs what business, what objective of its fund mobilization through digital money, what are returns to their investment and how high the potential they would get their returns", the SET president cautioned. The SET president suggested that traditional ways of fund mobilization by Thai businesses, including seeking loans from commercial banks, are more practical and safe for them. Meanwhile, Tuesday's meeting of four relevant agencies, including the Ministry of Finance, the Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC) and the Anti-Money Laundering Office (AMLO) to discuss new regulations on digital money trade and investment was postponed pending the Office of the Council of State's completion of a draft bill on the cryptocurrency regulations. (TNA)