According to Siam Blockchain, a hearing held by Thailand’s Securities and Exchange Commission (SEC) regarding its approach to crypto-related businesses and ICO’s was streamed on Facebook Live.
The hearing made clear that SEC will only authorize ICO’s raising cash reserve in Baht and other allowed cryptocurrencies. Applying entities must “have enough liquidity and are not associated with money laundering.” Applications with schedules inside 60 days have to strictly comply with KYC and AML codes.
The Bangkok-based news site reported that SEC will have its hands off ICO’s of stable coins, those will go to the national bank for regulation and that international ICOs will not appear in the ICO Portal of Thailand’s list.
An announcement by Thai Finance Minister, Apisak Tantivorawong regarding the previous week’s issuance of a legislation declaring cryptocurrencies as “digital assets and digital tokens” which are subject to regulation. ICO’s need to be officially registered to get support for the SEC.
There was some confusion, as reported by Cointelegraph, among Thai crypto firms on the adherence to the ground rules. The new regulation required government registration by all Thai-based crypto exchanges along with their brokers and dealers.