Thai Association of bond markets (TBMA) has been approved by the Commission on securities and exchange Commission (SEC) in the country to issue a bond token. The asset will be located on its own private blockchain bond market, which will be made available to registered issuers, investors and Depository institutions.
As writes Bangkok Post, TBMA plans to split the development process into three stages. The first phase will begin in August and will be devoted to creating a distributed reference platform on the bonds, which will be published current data — for example, interest rates.
The subsequent stage would be to expand the functionality of the exchange by the Deposit of bonds. According to preliminary estimates, the full cycle of development and implementation of the necessary upgrades would take about nine months. The final stage involves creating a bond token (TMBA will take a year) followed by tokenization of assets held for clearing and settlement.
According to Executive Vice-President of the TMBA Citata Prachuabmoh (Chaitat Prachuabdee), the new infrastructure will increase the transparency of corporate information relating to the bonds, and is likely to reduce the transaction processing time from 7-10 days to 1-3 days.
Although the details of the procedure for the issuance and distribution of digital bond TMBA is unknown, we can assume that the project of the Association was among the initiatives approved by SEC on primary offers of tokens. Recall that on 6 July it became known that on the basis of new rules of the ICO in Thailand, the Commission approved seven applications out of 50. The regulation entered into force today.
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