Satang Corporation, a cryptocurrency exchange established in Thailand, has a goal of raising as much as $9.9 million from their security token offering (STO) despite the massive fall in the cryptocurrency market, the Nikkei Asian Review reports.
Notably, the Thai government recently released its regulations on cryptocurrency in a move predicted to slowly gain control of the crypto and ICO market in Thailand.
The token offering is coming at a time where the cryptocurrency market has been at its worst in at least 13 months. The digital assets exchange has outlined in its white paper that funds raised would be distributed to different projects all on the Satang platform by building its branded e-wallet app, the Satang App. The app would facilitate the ease of purchase of cryptocurrencies with fiat. The funds raised would help in establishing experience centers at Thailand’s first areas visited by foreigners.
Satang’s CEO, Poramin Insom who is also the founder of the ZCash coin- a digital asset based on privacy, stated that;
“We are aiming for the first quarter of 2019 to do the security token offering.”
The Transformation from ‘ICO’ to ‘STO’
The name ‘STO’ was coined to get past the regulations that were associated with Initial Coin Offerings (ICO). It is a method for raising funds for companies just like ICOs and investors share in revenue realized by the company.
The report which contained Satang’s ICO announcement stated that the STO had the full backing of the Thai government, a government aiming to make Thailand a blockchain superpower by creating regulations as to which blockchains and cryptocurrencies would follow. The STO has heralded a seeming series of new, positive events as South Korean exchange, Bithumb, the second largest in the state of South Korea has stated they are looking to set up an exchange in Thailand.
A few weeks ago, Thailand conducted a primary election on blockchain, making history as the first country to do so. The Democrat party, Thailand’s main opposition party, got over a hundred thousand voters in the election of its new leader at its primary election. Sources stated that because of the implementation of the blockchain in the primary election, counting multiple votes was avoided and results weren’t modified, a feat that is rare for an election of this size.
Thailand’s seeming Implementation of Blockchain
Just last month, the Asian nation’s revenue department stated that it would employ the blockchain in tackling tax evasion and countering deceitful VAT reimbursement claims. The department’s Director-General Ekniti Nitithanprapas added that the agency would with urgency, implement technology that could propel them forward in collecting revenue and increasing the number of taxpayers. The government has also announced ideas to implement the blockchain in managing its upcoming national digital ID platform in the bid to improve identification for Thais.
The reserve bank of the Thai nation, the Bank of Thailand, is also testing the waters of the abilities of a national cryptocurrency so it can facilitate the transfer of funds between commercial banks and the Central Bank.