Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five initial 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 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 approved, Mr. Thawatchai Kiatkwankul, the Commission’s director of corporate finance in the equity section, was quoted by the news outlet:
From 50 ICO projects expecting to raise funds from the Thai capital market, five are prepared as initial pilot projects and bitcoin real casino terminal.
The announcement follows ZMN tokens by Zmine Holdings: Jfin Coin J Ventures Limited, by Jay Mart Plc’s subsidiary, and two established ICOs in Thailand.
New ICOs Expected in Q3
Before the legislation takes effect, the regulator has put the brakes. However,”Previously-leveraged businesses are still able to make transactions as ordinary since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedBitcoin Lottery review 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, said this week that an ICO issuer must first gain approval from the ICO portal it wants to be recorded on, Prachachat Turakij explained. ICO portals will behave like financial advisors to the issuers, making certain that all know-your-customer (KYC) rules are followed. After gaining the approval of the ICO portal, the SEC will take about two weeks to examine the ICO.
Must satisfy several criteria set by the SEC. 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 project or no more than 70% of the total 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 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 jobs have growth potential, he further noted that the SEC will work to screen potential scams.
The publication elaborated, with reference to the director:
Rules and regulations associated with transactions and digital asset investment could be eased, given competition is on a par with asset markets and that market participants are 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.
Need to compute your bitcoin holdings? Check our tools departmentGet up to 1 Bitcoin Free on CloudBet bonus code