The first initial coin offering (ICO) by a publicly traded company in Thailand has begun trading on a couple of local exchanges. Meanwhile, the regulators are still drafting the legal framework for cryptocurrencies and token sales.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
First Public Company to Launch ICO
The launch of an ICO by a publicly traded company has paved the way for other token sales in Thailand.
Jay Mart Plc’s subsidiary, J Ventures Limited, launched its ICO called Jfin Coin last week. Jay Mart Plc operates in the wholesale and retail sectors for mobile phones and technology accessories and is listed on the Stock Exchange of Thailand (SET).
The pre-sale of Jfin Coin was held on February 14 at the rate of 6.60 baht (~US$0.21) per token, which was sold out. Its ICO debuted on local cryptocurrency exchange Coin Asset at 6.45 baht, but quickly tanked 57.09% to roughly 3 baht before regaining some of its losses. It is currently trading at 3.94 baht (~$0.12).
Initially, J Ventures was going to trade the tokens on a much larger crypto exchange in the country, the Thai Digital Asset Exchange (TDAX). However, the company switched to Coin Asset, which has much lower liquidity, according to the Bangkok Post.
Jfin Coin also started trading this week on another local platform, Cash2coins. J Ventures CEO Thanawat Lertwattanarak told the news outlet that the company plans to list Jfin Coin on Hong Kong’s Hitbtc as well as South Korea’s Upbit in the near future. His statement came prior to Upbit being investigated by the Korean authorities for alleged fraud.
Other ICOs Follow
The Thai government is currently drafting the regulatory framework for cryptocurrencies and ICOs. However,
