Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five first coin offering (ICO) jobs once the law to govern cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the applicable 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 hasn’t revealed which ICO projects will be accepted, Mr. Thawatchai Kiatkwankul, the Commission’s director of finance in the equity section, was quoted by the news outlet:
Out of 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 recently established ICOs in Thailand, and ZMN.
New ICOs Expected in Q3
Before the legislation takes effect, the regulator has put the brakes. However,”Previously-leveraged companies are still able to make transactions as normal since the law does not apply retroactively,” Krungthep Turakij explainedbitcoin casino usa free spins best bitcoin deposit bonus casino 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 get approval from the ICO portal it wants to be listed on, Prachachat Turakij explained. ICO portals will behave like financial advisors to the issuers, making sure that all know-your-customer (KYC) rules are followed. After gaining the approval of the ICO portal, the SEC will take about two weeks before approving it to review the ICO.
Companies wanting to issue tokens must satisfy several criteria set by the SEC. For starters, they have to 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 percent of the whole value of offered tokens, as news.Bitcoin.com previously reported. The limits don’t exist for ultra-high-net-worth and institutional 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 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 display potential scams.
The publication elaborated, with reference to this director:
Rules and regulations associated with digital asset investment and trades could be eased, given that market participants are educated on digital asset investment and competition is on a level with digital asset markets.
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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