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 applicable regulations before this week and expects them to become law by the end of the month, as previously reported.

While the SEC has not revealed which ICO projects will be approved, the Commission’s director of finance in the equity section, Mr. Thawatchai Kiatkwankul, was quoted by the news outlet:

Out of 50 ICO projects hoping to raise funds from the Thai capital market, five are prepared as first pilot projects and bitcoin real casino terminal.

The announcement follows two recently launched ICOs in Thailand: Jfin Coin by Jay Mart Plc’s subsidiary and ZMN.

New ICOs Expected in Q3

The regulator has put the brakes, before the law takes effect. However, »Previously-leveraged companies are still able to make transactions as ordinary since the legislation does not apply retroactively, » Krungthep Turakij clarifiedis bitcoin accepted in the casino bitcoin casino no deposit bonus 2017 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, said this week that an ICO issuer must first gain approval from the ICO portal it wants to be recorded on, Prachachat Turakij described. ICO portals will act like financial advisors to the issuers, making certain 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.

Companies wanting to issue tokens must satisfy a number of criteria determined 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 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 unite its unit for enrollment 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

Rules and regulations related to digital asset investment and transactions could be eased, given competition is on a level with other electronic asset markets and that market participants are 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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