Thai Crypto Exchange Satang Plans to Raise $10 Million in Security Token Offering


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                Thailand-based crypto exchange Satang has set a goal to raise nearly $10 million in a coming Security Token Offering, the funds of which it will invest in developing a wallet.
                <p dir="ltr">Thai <a href="https://cointelegraph.com/tags/cryptocurrency-exchange">cryptocurrency exchange</a> Satang Corp. plans to raise nearly $10 million in a security token offering (STO), despite the recent market meltdown, Asia-focused business publication Nikkei Asian Review <a href="https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Thailand-speeds-up-blockchain-adoption-despite-bitcoin-plunge" rel="nofollow,noopener" target="_blank">reported</a> Dec. 4.</p><p dir="ltr">Satang&rsquo;s plans are reportedly supported by the Government of <a href="https://cointelegraph.com/tags/thailand">Thailand</a> in a bid to make the country a <a href="https://cointelegraph.com/tags/blockchain">blockchain</a> center and develop a regulatory framework for digital currencies and blockchain. According to the exchange&rsquo;s CEO Poramin Insom, the STO will be conducted in the first quarter of 2019.</p><p dir="ltr">Satang reportedly plans to use the $9.9 million it raises to develop an e-<a href="https://cointelegraph.com/tags/wallet">wallet</a> that enables users to make <a href="https://cointelegraph.com/tags/payments">payments</a>, as well as establish Satang Shops in tourist centers like Phuket and Pattaya.</p><p dir="ltr">STOs in Thailand currency operate in a regulatory grey-zone, as the new financial product straddles two different regulatory classifications. Just last week, the deputy secretary of the Thai Securities and Exchanges Commission Tipsuda Thavaramara <a href="https://cointelegraph.com/news/thai-securities-regulator-considers-various-sto-classifications-for-regulatory-framework">declared</a> that Thai-related STOs launched in an international market break the law. Thavaramara reportedly &ldquo;said the regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend.&rdquo;</p><p dir="ltr">In November, Insom reportedly helped deploy blockchain technology during a primary election in the country&rsquo;s Democrat Party. Elections for a party leader were conducted on a blockchain-based mobile app, according to tech news outlet Built In <a href="https://www.builtin.com/blockchain/thailand-becomes-first-country-roll-out-blockchain-voting-primary-election" rel="nofollow,noopener" target="_blank">reported</a> Nov. 16. Data gathered from the app was stored in hashed files, that were subsequently stored on the Zcoin blockchain developed by Insom.</p><p dir="ltr">"I hope that other <a href="https://cointelegraph.com/tags/politics">political</a> parties or even the <a href="https://cointelegraph.com/tags/government">government</a> not just in Thailand but in the region can look to using blockchain technology in enabling large scale e-voting or polling," Poramin reportedly said.</p><p dir="ltr">Thailand&rsquo;s Revenue Department is reportedly <a href="https://cointelegraph.com/news/thailands-revenue-departments-tests-blockchain-for-tracking-value-added-tax-payments">testing</a> blockchain technology for tracking value-added <a href="https://cointelegraph.com/tags/taxes">tax</a> (VAT) payments. According to Ekniti Nitithanprapas, director general of the Thai Revenue Department, the department &ldquo;wants to use blockchain technology to prevent VAT refund fraud.&rdquo; It also reportedly &ldquo;set its sights on adopting machine learning and using <a href="https://cointelegraph.com/tags/ai">artificial intelligence</a> to learn and study tax-cheating practices&rdquo; to ultimately &ldquo;compel more people to enter the formal tax system.&rdquo;



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