The Commission on securities and exchange Commission (SEC) of Thailand expects that the five projects the initial placement of coins (ICO) will be approved by the end of this month. The sale of tokens, they could start after the entry into force of the law on the regulation of cryptocurrency in the country.
Out of 50 bids to host the ICO submitted to the regulator, the five projects are ready to become a pilot, said the Director of the corporate Finance Department SEC Tawatchai Cadvance (Thawatchai Kiatkwankul). He did not explain why these five applications can get approval of the regulator. The official noted that the projects must have commercial value and pass the test before they can be considered for registration.
“Projects that can easily be verified and have attached to them commercial attributes, will be considered to raise funds”, — said the representative of the SEC.
In case of successful registration projects and leaving the stage of sale of tokens, Thailand could become the first country, offering the opportunity to host ICO in a regulated legal environment.
The law on the regulation of cryptocurrencies was approved by Royal decree in may. It provides that exchanges, brokers, dealers and other industry players involved in cryptocurrency transactions must register with the SEC within 90 days after the law came into force. For ICO projects have restrictions on the purchase token one project for each investor of 300 thousand baht ($9360).
Earlier, the SEC released details of new rules for trade cryptocurrencies. In particular, the regulator is allowed to use only six types of coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin, Ripple (XPR) and Stellar (XLM).