Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five first coin offering (ICO) projects once the legislation 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 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:
Out of 50 ICO projects expecting to raise funds from the Thai capital market, five are ready as first pilot projects and bitcoin real casino terminal.
The announcement follows two Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited, and ZMN.
New ICOs Expected in Q3
Before the legislation takes effect, the regulator has put the brakes on all new ICOs. However,”Previously-leveraged businesses are still able to make transactions as ordinary since the legislation does not apply retroactively,” Krungthep Turakij clarifiedonline casino bitcoin list casino bitcoin no deposit bonus 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 needs to be recorded on, Prachachat Turakij described. ICO portals will behave like financial advisors to the issuers, making certain that all know-your-customer (KYC) rules are followed. The SEC will take about two weeks before approving it to review the ICO after obtaining the approval of the ICO portal.
Companies wanting to issue tokens must satisfy a number of criteria. 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% of the total 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 Plans 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 to display potential scams.
The book elaborated, with reference to the manager:
Rules and regulations related to asset investment and trades could be eased, given that market participants are educated on asset investment and domestic competition is on a level with digital 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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