The Thailand Securities and Exchange Commission is set to approve five new ICOs. These ICOs come alongside new regulations which will take effect in June 2018. Five ICOs were accepted, or 1 in 10 of the total that applied for funding in the Thai market.
The Thailand Securities and Exchange Commission has recently announced that it will approve five ICOs for the country’s capital market. These five are out of the fifty which had initially applied for consideration on Thailand’s market.
Succesful applicants currently unknown
When Thailand’s new legislation takes effect, it will add the successful applicants. Unfortunately, Thawatchai Kiatkwankul, acting director of the Thai SEC has yet to disclose what the successful ICOs were. What is known is that those successful are ready as initial pilot projects. What makes these ICOs successful over others is that they can be assessed for their viability and security for investors:
“Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising.”
If these ICOs go on to be featured on the capital market, Thailand will be one of the first countries to allow them to enter the state-regulated environment.
Minimum capital base
Under new regulations, any ICO seeking to be listed must have a minimum capital base of five-million baht (£115,475). They will also be under oversight from the Thai regulatory body for at least a year. Companies aiming to launch an ICO will be put under significant supervision. However, investors are only capped at the minimum level of investment they can contribute.
According to the Thai SEC, these stand at 300,000 baht (under £7,000) or no more than 70% of the total value of tokens. Alongside this possibility being opened up to ICOs, the Thai SEC has given clear guidelines for the country’s regulations towards cryptocurrencies alongside ICOs. These guidelines were then approved on June 7, 2018, meaning that the seven top cryptos will be tradeable.
These consist of:
- Bitcoin Cash
- Ethereum Classic
James is a writer for Crypto Disrupt while also working as a content/news freelancer. He’s a firm believer in the positive impact of blockchain and holds a good amount of trust in Ethereum.