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 applicable 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 department, 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: Jfin Coin J Ventures Limited, by Jay Mart Plc’s subsidiary, and two established ICOs in Thailand.
New ICOs Expected in Q3
The regulator has put the brakes on all new ICOs before the law takes effect. However,”Previously-leveraged companies are still able to make transactions as ordinary since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedbitcoin lottery casino review bitcoin lottery casino 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 needs to be recorded on, Prachachat Turakij described. ICO portals will behave like financial advisors to the issuers, making sure that all know-your-customer (KYC) rules are followed. After obtaining the approval of the ICO portal, the SEC will take to examine the ICO.
Companies wanting to issue tokens must satisfy several criteria set 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 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 ultra-high-net-worth and institutional 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 with ICO portals to screen potential scams.
The book elaborated, with reference to the manager:
Rules and regulations related to transactions and asset investment could be eased, given domestic 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? Let us know in the comments section below.
Images courtesy of Shutterstock and Thai SEC.
Have to calculate your bitcoin holdings? Check our tools departmentOneHash casino