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 previously reported.

While the SEC has not revealed which ICO projects will be accepted, the Commission’s director of finance in the equity department, Mr. Thawatchai Kiatkwankul, 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 Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited two launched ICOs in Thailand, and ZMN.

New ICOs Expected in Q3

The regulator has put the brakes on all new ICOs before the legislation takes effect. However, »Previously-leveraged businesses are still able to make transactions as ordinary since the legislation does not apply retroactively, » Krungthep Turakij explainedgrand mondial casino bitcoin bitcoin casino gaming platform provider 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 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 examine the ICO after obtaining the approval of the ICO portal.

Companies wanting to issue tokens must meet 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 percent of the total value of offered tokens, as 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 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 to the manager:

Rules and regulations associated with transactions and asset investment could be eased, given competition is on a par with electronic 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.

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