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 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 news.Bitcoin.com previously reported.

Mr. Thawatchai Kiatkwankul, the Commission’s director of finance in the equity department, was quoted by the news outlet while the SEC hasn’t revealed which ICO projects will be accepted:

Out of 50 ICO projects hoping to raise funds from the Thai capital market, five are ready as initial 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 on all ICOs, before the law takes effect. However,”Previously-leveraged businesses are still able to make transactions as normal since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedbest bitcoin casino faucet ask gamblers us bitcoin casino low fees high cashout 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 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 review the ICO after gaining the approval of the ICO portal.

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 job 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 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 display potential scams.

The book elaborated, with reference to this manager:

Rules and regulations related to digital asset investment and transactions could be eased, given that market participants are educated on digital 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.info