Once the regulatory framework takes effect in the month of June 2018, the SEC of Thailand is expected to approve five ICO projects out of 50 projects. Thus, only five projects have passed the registration requirements provided the SEC regulators.
Five ICO Projects Approval
According to the post published on June 13, 2018, the Thailand Securities and Exchange Commission (SEC), among 50 ICO projects only five of them have been approved by country’s regulatory. However, the commission approved the relevant regulations this week but expecting the token sales until the end of the month.
Meanwhile, it is still unclear about which ICO projects will be approved and why those are more likely to win. The Commission’s director of Corporate finance in the equity department, Mr. Thawatchai Kiatkwankul, quoted;
“Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising”.
Moreover, Thailand will be labeled as first nations to allows ICOs to operate in legal regulated atmosphere. The announcement follows other jurisdictions including Russia and Bermuda are also to approve ICOs projects.
Further, the report reads that the royal decree was first announced on May 15. Since a long process that saw public hearings and legislative debates around the issue.
On the other hand, before ordering ICOs projects, the issuer must gain approval from ICO portal. Therefore, ICO portals can be financial advisors to the issuers ensuring to follow entire KYC rules. Once its approved, the country’s SEC will review the ICO in two months period.
Further, the company must satisfy the criteria provided by SEC and for initial users, they need to the registered capital of at least 5 million baht. And for retails, investors can invest up to 300,000 baht per ICO project.
At the last, the post conveyed that, Mr, Thawatchai Kiatkwankul adds in the future commission “is preparing to expand and associate its unit for registration of ICOs with initial public offerings (IPOs)”.