The Thai Securities and Exchange Commission (SEC) is expected to approve five first coin offering (ICO) projects once the legislation to govern cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the relevant regulations before this week and expects them to become law by the end of the month, as news.Bitcoin.com previously reported.
While the SEC has not revealed which ICO projects will be approved, the Commission’s director of finance in the equity department, Mr. Thawatchai Kiatkwankul, was quoted by the news outlet:
From 50 ICO projects hoping to raise funds from the Thai capital market, five are prepared as first pilot projects and bitcoin real casino terminal.
The announcement follows Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited two launched ICOs in Thailand, and ZMN.
The regulator has put the brakes on all ICOs, before the legislation takes effect. However,»Previously-leveraged businesses are still able to make transactions as normal since the law does not apply retroactively,» Krungthep Turakij clarifiedBetChain site id=»attachment_174530″ class=»wp-caption alignright»>Mrs. Tipsuda Thavaramara.
Mrs. Tipsuda Thavaramara, Deputy Secretary-General of the Thai SEC accountable for Policy and Corporate Finance Groups, said this week that an ICO issuer must first gain approval from the ICO portal it needs to be listed on, Prachachat Turakij described. ICO portals will act like financial advisors to the issuers, making certain that all know-your-customer (KYC) rules are followed. After obtaining the approval of the ICO portal, the SEC will take about two weeks before approving it, to examine the ICO.
Must satisfy several criteria determined by the SEC. For starters, they must have registered capital of at least 5 million baht (~US$156,625).
Retail investors can only invest up to 300,000 baht (~$9,343) per ICO job or no more than 70% of the whole value of provided tokens, as news.Bitcoin.com previously reported. The limits do not exist for both ultra-high-net-worth and institutional investors.
Mr. Thawatchai Kiatkwankul added that in the future the Commission»is preparing to expand and unite its unit for registration of ICOs with initial public offerings (IPOs),» the Bangkok Post conveyed. Citing that ICO projects have growth potential, he further noted that the SEC will work to screen potential scams.
The publication elaborated, with reference to this director:
Rules and regulations associated with digital asset investment and transactions could be eased, given competition is on a par with asset markets and that market participants are educated on asset investment.
What do you think of Thailand’s policies on ICOs? Let us know in the comments section below.
Images courtesy of Shutterstock and Thai SEC.
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