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 approved, the Commission’s director of corporate finance in the equity department, Mr. Thawatchai Kiatkwankul, was quoted by the news outlet:
From 50 ICO projects expecting to raise funds from the Thai capital market, five are prepared as first pilot projects and bitcoin real casino terminal.
The announcement follows two launched ICOs in Thailand: Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited, and ZMN tokens by Zmine Holdings.
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 normal since the law does not apply retroactively,” Krungthep Turakij explainedbitcoin casino net review bitcoin casino bonus club 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 gain approval from the ICO portal it needs 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. The SEC will take before approving it to examine the ICO after gaining the approval of the ICO portal.
Must meet several criteria. 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 provided tokens, as news.Bitcoin.com previously reported. The limits don’t exist for institutional and ultra-high-net-worth investors.
Thai SEC’s Future Plans 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 projects have growth potential, he further noted that the SEC will work to screen potential scams.
The book elaborated, with reference
Rules and regulations related to digital asset investment and trades could be eased, given competition is on a level with other electronic asset markets and that market participants are more educated on digital 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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