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 regulate cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the relevant 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 corporate 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 two Jfin Coin by Jay Mart Plc’s subsidiary and ZMN tokens by Zmine Holdings.
New ICOs Expected in Q3
The regulator has put the brakes, before the legislation takes effect. However,”Previously-leveraged companies are still able to make transactions as normal since the law doesn’t apply retroactively,” Krungthep Turakij clarifiedwhere can i host a bitcoin casino bitcoin casino 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, stated this week that an ICO issuer must first gain approval from the ICO portal it needs 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 weeks before approving it, to examine the ICO after gaining the approval of the ICO portal.
Companies wanting to issue tokens must satisfy a number of 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 whole value of offered tokens, as news.Bitcoin.com previously reported. The limits don’t exist for 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 enrollment 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 screen potential scams.
The book elaborated, with reference to the director:
Rules and regulations related to asset investment and transactions could be eased, given competition is on a level with asset markets and that market participants are educated on digital 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.
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