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 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 has not 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:
From 50 ICO projects expecting to raise funds from the Thai capital market, five are ready 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 launched ICOs in Thailand.
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 normal since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedBitcoin Casinos – https://bitcoincasinoreview.info/ 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 explained. ICO portals will behave 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 review the ICO after gaining the approval of the ICO portal.
Companies wanting to issue tokens must satisfy several 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 project or no more than 70% of the total 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 Plans for ICOs
Mr. Thawatchai Kiatkwankul added that in the future the Commission”is preparing to expand and unite 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 to screen potential scams.
The publication elaborated, with reference to the director:
Rules and regulations related to digital asset investment and transactions could be eased, given competition is on a level with electronic asset markets and that market participants are more 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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