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 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.
Mr. Thawatchai Kiatkwankul, the Commission’s director of corporate finance in the equity section, was quoted by the news outlet while the SEC has not revealed which ICO projects will be approved:
Out of 50 ICO projects hoping to raise funds from the Thai capital market, five are ready as first pilot projects and bitcoin real casino terminal.
The announcement follows two Jfin Coin by Jay Mart Plc’s subsidiary and ZMN.
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 ordinary since the law does not apply retroactively,” Krungthep Turakij clarifiedbetchain app 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 recorded on, Prachachat Turakij explained. ICO portals will act 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 before approving it to examine the ICO.
Must satisfy a number of 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 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 ultra-high-net-worth and institutional investors.
Thai SEC’s Future Plans 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 display potential scams.
The publication elaborated, with reference
Rules and regulations associated with transactions and digital asset investment could be eased, given that market participants are educated on asset investment and competition is on a level with other asset markets.
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.
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