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 regulate 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 hasn’t revealed which ICO projects will be accepted, the Commission’s director of finance in the equity section, Mr. Thawatchai Kiatkwankul, was quoted by the news outlet:
Out of 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: Jfin Coin J Ventures Limited, by Jay Mart Plc’s subsidiary, and two recently launched ICOs in Thailand.
New ICOs Expected in Q3
The regulator has put the brakes on all ICOs, before the law takes effect. However,”Previously-leveraged businesses are still able to make transactions as normal since the legislation does not apply retroactively,” Krungthep Turakij explainedbitcoincasino app 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 get approval from the ICO portal it wants 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 a number of 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 offered tokens, as news.Bitcoin.com previously reported. The limits do not 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 registration 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 screen potential scams.
The publication elaborated, with reference to the director:
Regulations and rules related to digital asset investment and transactions could be eased, given national competition is on a level with asset markets and that market participants are more educated on 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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Source: bitcoincasinoreview.info
