Thailand’s securities regulator is expected to approve five Initial Coin Offerings (ICOs) later this month by The Thailand Securities and Exchange Commission (SEC) stated that 5 ICOs are in the position to be approved while around 50 of them are still applying for regulatory approval.
Token sales for the ICOs is said to take place after a royal decree on cryptocurrency, that was finalized on May 15 after a taxing month filled with a public hearing and legislative debates. This will become legal later in June.
The registration will make Thailand one of the first nations to allow ICOs in a regulated environment just like Bermuda and Russia who are similarly introducing frameworks allowing ICO projects.
A hard cap of 30,000 baht ($9000, approx) was also implemented by law on contributors by individual retail investors for each project along with the order to register with financial watchdog and to get approved before proceeding to start the token sale. Industry players or exchangers, brokers and dealers that are going to be involved in the transaction of cryptocurrency are supposed to register with the SEC within 90 days of the introduction of the law.