In accordance to the Bangkok Post which was made on Wednesday, the SEC (Securities Exchange Commission) based in Thailand declared that, while close to 50 different ICOs have been seeking application for the approval of the regulations, five of the total has come to a position where they can move ahead.
The token sales will, however, have to wait for some time until later in June when the cryptocurrency royal decree will become lawful. This was finalized last month.
As for per the current time, it’s not clear why the ICO projects might win the necessary approval. The director of the SEC corporate finance division, Thawatchai Kiatkwankul, insisted of the importance of the projects in having the required commercial value and even going through the necessary vetting before any kind of registration is considered for them.
In case the registrations go ahead, this means that this might make Thailand one of the first countries in allowing ICOs to proceed according to the law in an environment which has been regulated. The other jurisdictions Russia and Bermuda have also been working to have frameworks which allow approved ICO projects.
Therefore, the details of the report show that the royal decree was to make an announcement on May 15 which followed a months-long process which ensured that the legislative debates and the hearings of the public were done in regard to the issue.
Other than ordering for the registration of the ICO projects with the financial watchdog and receiving the necessary approvals for the start of the token sales, the law requires a 300,000 baht hard cap on the individual contributions for a single project.
Additionally, other players in this industry such as the brokers, dealers and also the exchanges which have their involvement in crypto-based transactions are required to make the necessary registrations with SEC in 90 days after the law has been introduced. This is according to the report.