Thailand’s SEC Expects to Approve 5 ICOs This Month
Thailand’s securities regulator is reportedly hoping to accept five initial coin offerings (ICOs) after this month. On the other hand, the token earnings might need to wait till later in June, when a royal decree on cryptocurrency, declared last month, officially comes into legislation.
While it remains unclear why those ICO jobs will likely win acceptance, Thawatchai Kiatkwankul, director of the SEC’s corporate finance department, said jobs have to have commercial value and undergo vetting before they may be considered for enrollment.
When the registrations do proceed, it is going to indicate Thailand among the first countries to permit ICOs to move legally in a controlled environment. Other authorities such as Bermuda and Russia will also be moving to present frameworks that would enable approved ICO jobs.
According to the report, the imperial decree was initially declared on May 15, after a months-long procedure that found public hearings and legislative discussions around the situation.
Besides ordering ICO jobs to enroll with the fiscal watchdog and also to get approvals before beginning a market sale, the legislation also places a 300,000 baht (roughly $9,000) hard cap on donations by individual retail shareholders for every single undertaking.
Additionally, other industry players such as exchanges, brokers and traders that take part with cryptocurrency trades are also required to register with the SEC within 90 days of the legislation’s debut, the report stated.