The Commission on securities and exchange Commission of Thailand (SEC) announced the adoption of a legal framework for the conduct of the ICO. The regulations come into force on 16 July.
As reported by the Bangkok Post, for permission to offer a primary token, the company must be registered in Thailand and have statutory capital of at least 5 million baht (~us$150 000). In addition, SEC is authorized to check investment prospects ICO, project source code, business plan and distribution of digital tokens. The Department also has the right to compare actual source code with the provided data.
The company will be able to exchange any amount of tokens, however, the SEC has set the maximum threshold value of one unit of 300 000 baht ($9050). The restriction applies to venture capital firms, private companies and individuals with large capital.
According to the regulations, the ICO projects can exchange their tokens for only seven cryptocurrencies: Bitcoin, Ethereum, XRP, Bitcoin, Cash, Classic, Ethereum, Stellar and Litecoin. The alternative is to exchange for Thai baht.
The chief Secretary SEC, RAPI Sucharitakul (Rapee Sucharitakul) said:
“The SEC is pleased to proceed immediately to the discussion of the nuances of those who would like to undergo an intermediate audit to prepare for work in the framework of the law. After a positive decision at this stage, be assessed will already have the token”.
Recall that in June, the Agency reported that at the time it was filed 50 requests for the ICO. Then the authorities declared readiness to approve five of them.
In the country there are tax laws associated with cryptocurrencies. So, in March, was a tax on capital gains which is 10% of the profits of cryptocurrency investors.
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