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 relevant regulations before this week and expects them to become law by the end of the month, as news.Bitcoin.com previously reported.
Mr. Thawatchai Kiatkwankul, the Commission’s director of finance in the equity department, was quoted by the news outlet while the SEC has not revealed which ICO projects will be approved:
From 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 ZMN: Jfin Coin by Jay Mart Plc’s subsidiary and two recently established ICOs in Thailand.
New ICOs Expected in Q3
Before the legislation takes effect, the regulator has put the brakes on all ICOs. However,”Previously-leveraged businesses are still able to make transactions as normal since the legislation doesn’t apply retroactively,” Krungthep Turakij clarifiedHow does BetChain 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 wants to be listed on, Prachachat Turakij described. ICO portals will act like financial advisors to the issuers, making sure that all know-your-customer (KYC) rules are followed. The SEC will take before approving it, to examine the ICO after obtaining the approval of the ICO portal.
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 project 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 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 screen potential scams.
The book elaborated, with reference to the director:
Rules and regulations associated with transactions and asset investment could be eased, given national competition is on a par with 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.
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