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According to a report by the Bangkok Post this week, John Nehmatallah of US BIG COIN and International Monetary Systems (IMS) says that the Thailand SEC is expecting five ICO projects to register that it feels are ready to go ahead for fundraising procedures out of the 50+ projects in total and applying for SEC regulatory approval.
That’s according to the SEC’s director of corporate finance Thawatchai Kiatkwankul, who did not disclose the details or other characteristics of the five ICO projects that are being eyed for approval.
On a side note, The SEC is in fact, preparing itself to meet the demands of a growing ICO market by expanding its current unit for registering initial public offerings (IPOs) to include ICOs under its review.
These notable developments come after a royal decree pushing for the regulation of cryptocurrency exchanges and ICO fundraising came into effect on May 14. As things stand, all ICO issuers, cryptocurrency exchanges and brokers are required to comply with Thailand’s SEC. Each ICO will have a hard cap of 300,000 baht (approx. $9,000) on investments by individual retail investors, while offerings to institutional and ultra-high-net-worth investors could see an ‘unlimited investment amount’, according to the report.
John Nehmatallah says Thailand’s Securities and Exchange Commission (SEC), the country’s capital markets authority, is reportedly expecting to approve five initial coin offerings (ICOs) this month. The authority will specifically allow seven cryptocurrencies as trading pairs for tokens offered in ICOs. They are Bitcoin, Bitcoin cash, Ethereum, Ethereum Classic, Ripple Litecoin and Stellar.
He is quoted to have said that The SEC Director did reveal certain traits that would enable certain ICO projects to be viewed favorably by the regulator’s office such projects which can be approved, and which also have commercial attributes attached to them only these will be considered for fund-raising.
The Thai Securities and Exchange Commission (SEC) announced on Friday the details of the country’s cryptocurrency and initial coin offering (ICO) regulations.
The measures were approved at the regulator’s June 7 meeting and are expected to go into effect later on this month, according to local media. “The proposed approach has been through public hearings in several channels Thailand will be among the world’s earliest jurisdictions to embrace ICOs in a regulated environment when the ICOs are registered successfully. With this year’s royal decree, a governmental fast-track of bringing legislation, followed the SEC publicly stating, “It realizes the potential of ICO’s as a means of fundraising for startups and businesses previously unqualified for consideration in the recent past”.
Maxim Journal | Journalist – Dan Hughes