Thailand regulator SEC announces ICO regulation deadline. The watchdog has also stated that under the new framework, any firm that looks into carrying out an ICO should first file an application for approval with the regulator.
5 July, AtoZ Markets – The key financial regulator of Thailand, the Thailand Securities and Exchange Commission (SEC) has issued an announcement to the public where it shared a deadline for enactment of the initial coin offerings (ICO) project regulations.
Thailand Regulator SEC Announces ICO Regulation Deadline
The SEC informed the public that the new rule that will govern local ICOs will come into effect from 16 July 2018. The new guidelines will make Thailand one of the first countries to allow ICOs in the regulated environment. The regulator has also stated that under the new framework, any firm that looks into carrying out an ICO should first file an application for approval with the regulator.
However, the SEC will not directly screen the applications from individual ICO projects. Rather, it will first assess the filings submitted by so-called “ICO portals.” These portals are online marketplaces that allow ICO organizers to operate their token sales. The SEC has stated that those approved ICO portals will be conducting screening of the projects. Afterward, the applications of the selected project will be considered.
Thailand ICO regulations
The new Thailand ICO law is a result of a lengthy process that involved a number of legislative debates and public hearings. The key topic of discussions involved the regulatory specifics of cryptocurrency and ICOs in the country. Thailand has introduced a royal decree on the matter earlier this May.
The regulator has also stated that ICO portal application should be registered as businesses in Thailand with a minimum registered capital of 5 million baht, or $150,000. These portals should have sufficient resources in order to assess an ICO project’s business plan, technical capacity, source code, and the structure.
Moreover, the SEC will only accept Thai baht and seven cryptocurrencies in token sales. These cryptocurrencies include bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, XRP, and lumens.
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