Thailand SEC to Approve 5 ICOs Later This Month
Securities regulator in Thailand is expected to approve 5 initial coin offerings (ICOs) this month.
The Thailand Securities and Exchange Commission (SEC) has made it public that five ICOs in the country seeking regulatory approval could get approved later this month. The SEC explained that despite having 50 ICOs in the country waiting for regulatory approval, only 5 of them are in a position to move ahead.
The token sales, however, will have to wait a bit longer until later this month, when a royal decree on digital currencies officially comes into law. The royal decree on cryptocurrencies was finalized last month.
It’s still unclear why these 5 ICOs are more likely to win approval than others seeking the same. But, according to Thawatchai Kiatkwankul, director of the finance division at SEC, it is important for ICO projects to have a commercial value attached to them before they can be considered for registration. They also need to go through vetting before they can be considered for fund-raising.
Thailand will be marked as one of the first few nations to allow initial coin offerings to proceed in a regulated environment if these registrations get approved. Some other jurisdictions like Russia and Bermuda are also considering a framework that would allow ICOs to proceed legally.
According to the report published by the Bangkok Post, the royal decree was first finalized on May 15, following a long process that saw many legislative debates as well as public hearings around the legal status of ICOs and cryptocurrencies.
Besides this, the law also puts a hard cap of around $9000 on contributions individual investors can make on each ICO project.
Additionally, all other players involved in cryptocurrency transactions, including exchanges, dealers, and brokers are expected to register with the Thailand SEC within 90 days of the new law’s introduction, the report added.
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