Only every tenth ICO-project meets all the requirements of the Thai financial regulator.
The Bangkok Post media found that now the Thai Securities and Exchange Commission (SEC) was considering about 50 applications from the organizers of various ICO. Out of this number only 5 projects meet all the requirements of the regulator and are ready to move on.
It is unclear what criteria the Commission is guided by when it approves the applications but the director of the corporate finance department of the SEC Tavatchai Kyatvankula noted that projects were allowed to register only if there is the commercial value and the preliminary check. And even if the approval is received the organizers of ICO will have to wait for the end of June when the royal decree on cryptocurrencies will come into force.
If the SEC continues to register the applications for the initial deployment of tokens Thailand will be one of the first countries where ICO are conducted in a fully legal and regulated environment.
According to Bangkok Post, the royal decree on cryptocurrencies was issued on May 15. This event was preceded by a month of public hearings and debates of legislators devoted to the discussion of the issue.
The law determines not only the procedure for ICO registering but also determines the amount that retail investors can invest in such projects. Its level should not exceed 300 thousand baht (about $9 thousand).
The registration procedure must also be passed by other industry players such as exchanges, brokers and dealers who participate in cryptocurrency transactions. All of them are obliged to contact the Commission within 90 days from the moment the law comes into force.
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