'Satang Corp.' To Raise Around $10 Mln Via A STO [Security Token Offering].

In line with a latest publication by Nikkei Asain Review,Thai crypto exchange Satang Corporation plans to raise nearly $10 Mln during a STO [security token offering] , despite the recent market downfall.

Satang Corp. plans are reportedly supported by the govt. of Thailand in a bid to create the country a blockchain center and develop a restrictive framework for digital currencies and blockchain. In line with the exchange’s CEO ‘Poramin Insom’, the STO are going to be conducted within the first half of the next year in 2019.

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Satang reportedly plans to use the $9.9 Mln it raises to develop an e-wallet that permits users to create payments, furthermore help to establish Satang outlets in tourist centers like Phuket and Pattaya.

STOs in Thailand currency operate within a restrictive grey-zone, as the new financial product straddles 2 completely different restrictive classifications. Last week, the deputy secretary of the Thai Securities and Exchanges Commission named ‘Tipsuda Thavaramara’ declared that Thai-related STOs launched in a global market break the law. Tipsuda further added that the regulators may need to consider the way to deal with the STOs for problems such as share possession, voting rights and dividends.

In Nov, Insom reportedly helped deploy blockchain technology via a primary election within the country’s Democrat Party. Elections for a party leader were conducted on a blockchain-based mobile application, in line with a recent news published by ‘Built’. Information gathered from the app was held in hashed files, that were laterly stored on the Zcoin blockchain developed by Insom.

Adding further Poramin reportedly stated that:

“I hope that alternative political parties or maybe even the govt not just in the Thailand but within the native region could look to employ blockchain technology in sanctioning massive scale e-voting or polling,”

Thailand’s Revenue Department is reportedly testing blockchain technology for the VAT payments system. In line with Ekniti Nitithanprapas, director general of the Thai Revenue Department, the department “wants to use blockchain technology to forestall VAT refund fraud.” It conjointly reportedly “set its sights on adopting machine learning and employing AI to learn and study tax-cheating practices” to ultimately “compel additional individuals to enter the formal legal tax system.”