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 govern 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 hoping to raise funds from the Thai capital market, five are ready as first pilot projects and bitcoin real casino terminal.
The announcement follows Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited two recently launched ICOs in Thailand, and ZMN tokens by Zmine Holdings.
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 normal since the legislation doesn’t apply retroactively,” Krungthep Turakij explainedmBit 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, 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 about two months before approving it, to examine the ICO after gaining the approval of the ICO portal.
Must meet a number of criteria. 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 job or no more than 70% of the whole value of offered tokens, as news.Bitcoin.com 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 combine its unit for registration of ICOs with initial public offerings (IPOs),” the Bangkok Post conveyed. Citing that ICO projects have growth potential, he noted that the SEC will work to screen potential scams.
The book elaborated, with reference to this director:
Regulations and rules associated with digital asset investment and trades could be eased, given competition is on a par with electronic asset markets and that market participants are more 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.
Need to compute your bitcoin holdings? Check our tools departmentno deposit bonus codes for bitcoin casinos us players bitcoin casinos for us players
Source: bitcoincasinoreview.info
Leave a Reply