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Thai crypto exchange Satang to raise $10 Million STO

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Despite the current bear market, Thailand’s leading cryptocurrency exchange is set to raise roughly $10 million via a security token offering (STO). This is according to a report by Nikkei Asian Review.

The bear market has no effect on Satang’s plans

The report stated that the cryptocurrency exchange has concluded plans to raise roughly 10 million U.S. dollars despite cryptocurrencies all over the world recording decline in profits over the past few months. The funds raised from the STO is expected to be used in developing the exchange’s first e-wallet app dubbed the Satang App. It is expected to make it easier for customers to purchase cryptocurrencies using fiat currencies. A part of the fund would also be used in building experience centers at highly dense tourist areas in Thailand.

The CEO of the exchange and founder of privacy-focused cryptocurrency ZCash, Poramin Insom while commenting on this latest development stated that the company is aiming to offer the STO in the first quarter of 2019

Security tokens have become a popular crowdfunding method over the past few months, with cryptocurrency companies using them as an escape route to the much popular Initial Coin Offerings (ICO) which is under pressure from numerous governments across the globe. STO’s offer investors a share in the profits the company generates after they invest in them.

Thailand becoming a good destination for crypto companies

The report further stated that the Thai government is onboard with Satang’s plans as the country continues to make moves that will ensure that they become the center for blockchain. The regulatory framework is already been put in place to make it easier for crypto and blockchain companies to operate in the country.

The regulatory framework put in place by the government has already started yielding positive fruits, with South Korea’s second largest crypto trading platform Bithumb revealing that it will soon launch a cryptocurrency exchange in the country.

The country is also not left out in terms of blockchain development. A few weeks back, a primary election was conducted in the country. The main opposition party, Democrat Party made use of the blockchain technology to conduct an election which had in attendance more than 100,000 voters. Reports from the country revealed that the election was a successful one with issues such as multiple counts and the manipulation of results all been avoided.

Just last month, the federal revenue department in the country announced that it is going to make use of the DLT to track tax evasion and combat fraudulent VAT refund claims in Thailand. The Director-General of the department Ekniti Nitithanprapas, while speaking on this latest development stated that the agency is looking to make use of innovative technologies to boost revenue collection and also increase the number of taxpayers in the country. The government is also making plans to make use of blockchain technology for its upcoming national digital ID platform, with the aim of making the whole process secure and flexible.

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