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 earlier 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 department, was quoted by the news outlet while the SEC has not revealed which ICO projects will be accepted:

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 tokens by Zmine Holdings.

New ICOs Expected in Q3

The regulator has put the brakes, 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 explainedhighest paying bitcoin casino best bitcoin online casino registered and licensed 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 get 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 sure that all know-your-customer (KYC) rules are followed. After obtaining the approval of the ICO portal, the SEC will take about two months before approving it, to review the ICO.

Must meet several criteria determined 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 job or no more than 70 percent 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 combine its unit for registration 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 book elaborated, with reference to this director:

Regulations and rules associated with trades and digital asset investment could be eased, given that market participants are more educated on asset investment and competition is on a par with asset markets.

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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Source: bitcoincasinoreview.net