Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five initial coin offering (ICO) jobs once the legislation to regulate 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:
Out of 50 ICO projects expecting to raise funds from the Thai capital market, five are prepared as initial pilot projects and bitcoin real casino terminal.
The announcement follows Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited two established ICOs in Thailand, and ZMN tokens by Zmine Holdings.
New ICOs Expected in Q3
The regulator has put the brakes before the law takes effect. However,”Previously-leveraged companies are still able to make transactions as normal since the law does not apply retroactively,” Krungthep Turakij clarifiedbitcoin casino deposit bonus free faucet bitcoin casino id=”attachment_174530″ class=”wp-caption alignright”>Mrs. Tipsuda Thavaramara.
Mrs. Tipsuda Thavaramara, Deputy Secretary-General of the Thai SEC in charge of Policy and Corporate Finance Groups, stated this week that an ICO issuer must first gain approval from the ICO portal it wants to be recorded on, Prachachat Turakij described. ICO portals will behave like financial advisors to the issuers, making sure that all know-your-customer (KYC) rules are followed. After obtaining the approval of the ICO portal, the SEC will take before approving it, to review the ICO.
Must satisfy a number of 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 project or no more than 70 percent of the whole value of offered tokens, as news.Bitcoin.com previously reported. The limits don’t exist for both ultra-high-net-worth and institutional investors.
Thai SEC’s Future Strategies for ICOs
Mr. Thawatchai Kiatkwankul added that in the future the Commission”is preparing to expand and combine its unit for registration of ICOs with initial public offerings (IPOs),” the Bangkok Post conveyed. Citing that ICO jobs have growth potential, he further noted that the SEC will work with ICO portals to display potential scams.
The book elaborated, with reference to this director:
Rules and regulations related to digital asset investment and transactions could be eased, given that market participants are more educated on asset investment and domestic competition is on a par with other electronic asset markets.
What do you think of Thailand’s policies on ICOs? Tell us in the comments section below.
Images courtesy of Shutterstock and Thai SEC.
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