Thailand’s securities regulator is allegedly hoping to approve five first coin offerings later this month. In accordance with the Bangkok Post on Wednesday, the Thailand Securities and Exchange Commission has said that, although 50 ICOs within the country are applying for regulatory approval, five of them are already in the position to move ahead. On the other hand, the token earnings may have to wait till later in June, when the royal decree on crypto-currency, completed last month, officially comes into legislation. Whilst it remains unclear why these ICO projects are likely to win acceptance, Thawatchai Kiatkwankul, director of the SEC’s corporate finance department, said jobs have to have commercial value and also go through vetting before they may be considered for registration.
When the registrations do go ahead, it is going to mark Thailand as among the first countries to permit ICO to proceed legally in a controlled environment. Other jurisdictions including Bermuda and Russia are also moving to present frameworks that would enable approved ICO jobs. In accordance with the report, the royal decree was first announced on May 15, following a months long process that found public hearings and legislative discussions around the situation. In addition to ordering ICO jobs to register with the fiscal watchdog and also to receive approvals prior to beginning a token sale, the legislation also places a 300, 000 baht hard cap on donations by individual retail investors for each project.
Additionally, other industry players like trades, brokers and dealers which are involved with cryptocurrency transactions will also be required to register with the SEC within 90 days of the legislation’s introduction, the report said. Thai baht picture via Shutterstock. The leader in blockchain news, CoinDesk is a media outlet which strives for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.