Later this month, five initial coin offerings (ICOs) is expected to be approved by Thailand’s securities regulator.
Regarding the Bangkok Post, the Thailand Securities and Exchange Commission (SEC) has stated that 5 ICOs are already on their way to make a step forward, while 50 ICOs in the country are still applying for regulatory approval.
On the other hand, when a royal decree which is finalized last month formally takes effect later in June, the token sales will already be on the go.
Director of the SEC’s corporate finance division, Thawatchai Kiatkwankul, stated that even though ICO projects’ approval is still unknown, the projects need to have a commercial value and go through vetting before they can be counted for registration.
Thailand will be one of the first nations to allow ICOs to proceed legally in a regulated environment if ever the registration does push through. Bermuda, Russia, and other jurisdictions are also pushing to introduce frameworks that would allow approved ICO projects.
On May 15th, the royal decree was first announced as per the report, resulting from months of waiting for the process that saw public hearings and legislative debates around the issue.
The law also funds a 300,000 baht (around $9,000) hard cap on contributions by individual retail investors for each project, besides ordering ICO projects to register with the financial watchdog and to obtain approvals before starting a token sale.
The report also mentioned that other industry professionals such as exchanges, brokers, and dealers connected in cryptocurrency transactions are expected to register with the SEC within the 90 days of the law’s introduction.