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 law to govern cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the relevant 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 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 initial pilot projects and bitcoin real casino terminal.
The announcement follows ZMN tokens by Zmine Holdings: Jfin Coin J Ventures Limited, by Jay Mart Plc’s subsidiary, and two established ICOs in Thailand.
New ICOs Expected in Q3
Before the legislation takes effect, the regulator has put the brakes. However,”Previously-leveraged businesses are still able to make transactions as ordinary since the law does not apply retroactively,” Krungthep Turakij explainedbitcoin casino with shisa statues free bitcoin casino no deposit bonus 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 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. The SEC will take about two months before approving it to examine the ICO after gaining the approval of the ICO portal.
Companies wanting to issue tokens must meet 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 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 unite its unit for enrollment 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 to display potential scams.
The publication elaborated, with reference
Regulations and rules associated with trades and digital asset investment 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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