septiembre 14, 2017 | Posted in:Blog
Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five first coin offering (ICO) projects once the law to regulate cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the relevant regulations earlier this week and expects them to become law by the end of the month, as news.Bitcoin.com previously reported.
While the SEC hasn’t revealed which ICO projects will be accepted, Mr. Thawatchai Kiatkwankul, the Commission’s director of finance in the equity section, was quoted by the news outlet:
Out of 50 ICO projects expecting to raise funds from the Thai capital market, five are prepared as first 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 on all ICOs before the legislation takes effect. However,»Previously-leveraged companies are still able to make transactions as normal since the law does not apply retroactively,» Krungthep Turakij explainedExplore the the top bitcoin casino 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 needs 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. 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. 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 whole value of provided tokens, as news.Bitcoin.com previously reported. The limits do not 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 with ICO portals to display potential scams.
The book elaborated, with reference
Rules and regulations associated with trades and asset investment could be eased, given national competition is on a par with digital 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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