SEC in Thailand may approve ICOs for five startups in June

14 June 2018

The Thailand Securities and Exchange Commission (SEC) announced this week that it plans to approve five campaigns for Initial Coin Offering (ICO) in June. The report published by the Bangkok Post reveals that while 50 applications for ICO are still under review, five of these are now close to approval.

Meantime, the procedure of token sales will start later after the royal decree adopted with respect to that activity is finalized and comes into effect. Despite the high probability that the projects will gain approval by the regulator, these projects should meet the requirements to their commercial value and pass the checking procedure to be accepted for registration.

In the event the ICOs pass the registration, Thailand will join the list of nations with early adoption of legal regulation and registration of the ICOs in the world. The list includes such countries as Russia and Bermuda.

The report further states that the royal decree was first unveiled on May 15 after a long period of public hearings and debates among the legislators examining the token sale activity.

Apart from the registration of the ICOs, the law has provisions requiring individual retail investors to bring about $9,000 as contributions into each project.

Besides, the legislation will enforce mandatory registration for other parties involved into the industry, including exchanges, brokers and dealers.

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