Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five initial coin offering (ICO) projects once the law to govern cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the applicable regulations earlier 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 accepted, the Commission’s director of corporate finance in the equity section, 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 ready as initial pilot projects and bitcoin real casino terminal.
The announcement follows two recently established ICOs in Thailand: Jfin Coin by Jay Mart Plc’s subsidiary and ZMN.
New ICOs Expected in Q3
The regulator has put the brakes on all new ICOs before the legislation takes effect. However,”Previously-leveraged companies are still able to make transactions as ordinary since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedbitcoin casino free spins 2018 bitcoin casino software prices 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, stated this week that an ICO issuer must first get approval from the ICO portal it wants to be listed on, Prachachat Turakij explained. ICO portals will act 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 about two months to examine the ICO.
Must meet a number of criteria set 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 total value of offered tokens, as news.Bitcoin.com previously reported. The limits do not exist for both institutional and ultra-high-net-worth investors.
Thai SEC’s Future Strategies for ICOs
Mr. Thawatchai Kiatkwankul added that in the future the Commission”is preparing to expand and unite its unit for enrollment of ICOs with initial public offerings (IPOs),” the Bangkok Post conveyed. Citing that ICO jobs have growth potential, he noted that the SEC will work to screen potential scams.
The publication elaborated, with reference
Regulations and rules associated with digital asset investment and transactions could be eased, given domestic competition is on a level with electronic asset markets and that market participants are more educated on asset investment.
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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