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 earlier 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 department, was quoted by the news outlet:
From 50 ICO projects hoping to raise funds from the Thai capital market, five are ready as first pilot projects and bitcoin real casino terminal.
The announcement follows ZMN: Jfin Coin by Jay Mart Plc’s subsidiary and two recently established ICOs in Thailand.
New ICOs Expected in Q3
The regulator has put the brakes on all ICOs, before the legislation takes effect. However,”Previously-leveraged businesses are still able to make transactions as ordinary since the law doesn’t apply retroactively,” Krungthep Turakij explainedBitcoin Casino Finder https://bitcoincasinoreview.info/ 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 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 examine the ICO.
Companies wanting to issue tokens 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 percent of the total value of provided 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 combine its unit for registration of ICOs with initial public offerings (IPOs),” the Bangkok Post conveyed. Citing that ICO projects have growth potential, he noted that the SEC will work with ICO portals to display potential scams.
The publication elaborated, with reference
Regulations and rules related to digital asset investment and transactions could be eased, given domestic competition is on a level with other digital 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.
Have to compute your bitcoin holdings? Check our tools sectionBitcoin Lottery scam
Source: bitcoincasinoreview.info
