Thailand’s SEC To Approve Five ICO Projects This Monthbr>
The Securities and Exchange Commission of Thailand (SEC) is reportedly expecting to approve five initial coin offerings (ICO) once the new regulatory framework takes effect later this month.
Thawatchai Kiatkwankul, director of corporate finance in the equity department at the SEC, said that out of 50 ICO projects expecting to raise funds from the Thai capital market, five are already in a position to move ahead.
“The market regulator needs to screen ICO projects that could be potential scams to hedge against high investment risk, whereby the SEC will work alongside ICO portals,” Kiatkwankul said. “Projects which can be easily vetted and have commercial attributes attached to them will be considered for fund-raising.”
The new rules, which was announced last month, tasks the SEC to control and regulate cryptocurrencies. Under the new law, domestic crypto exchanges, ICO operators, and independent crypto brokers and dealers are required to register with the SEC within 90 days of the law taking effect. The SEC approved seven cryptocurrencies to used as trading pairs, including bitcoin, Bitcoin Cash, ethereum, Ethereum Classic, Ripple, Litecoin, and Stellar. The SEC will oversee the seven legalized cryptocurrencies that can be used for ICOs and for trading pairs.
ICO projects are also required to have registered capital of at least 5 million baht ($156,625 USD). Each ICO offering can be offered to institutional and ultra-high-net-worth investors at an unlimited investment amount, but the investment is capped at 300,000 baht ($9,000 USD) for retail investment per person and per ICO project, or no more than 70 percent of total value of offered tokens.
“As ICO projects have growth potential, the SEC is preparing to expand and combine its unit for registration of ICOs with initial public offerings (IPO), hiring more recruits to serve market demand,” Kiatkwankul said. “Rules and regulations related to digital asset investment and transactions could be eased, given that market participants are more educated on digital asset investment and domestic competition is on par with other digital asset markets.”