Thailand’s securities regulator is reportedly expecting to approve five initial coin offerings (ICOs) later this month.
According to the Bangkok Post on Wednesday, the Thailand Securities and Exchange Commission (SEC) has said that, while 50 ICOs in the country are currently applying for regulatory approval, five of them are already in a position to move ahead.
However, the token sales will have to wait until later in June, when a royal decree on cryptocurrency, finalized last month, formally comes into law.
If the registrations do go ahead, it will mark Thailand as one of the first nations to allow ICOs to proceed legally in a regulated environment.
Other jurisdictions including Bermuda and Russia are also moving to introduce frameworks that would allow approved ICO projects.
Since the beginning of the year Thailand has slowly warmed to cryptocurrencies. Initially the government intended to impose crippling taxes on buying and trading them, and ban ICOs which would have been the end of the nascent industry in the Kingdom.
Regulation The Thai financial regulator is expected to approve five ICO projects once the new regulatory framework takes effect this month. Out of 50 ICO projects in the country, only five satisfy the registration requirements set out by the regulator this week.
Newly proposed regulations from the Thailand Securities and Exchange Commission are expected to enter into effect this month, which include 7 permitted trading pairs, new controls over ICOs, an updated annual fee structure and licensing details.
Thailand’s Security and Exchange Commission has released a comprehensive framework for the regulation of the country’s cryptocurrency market. The laws cover ICOs, approved cryptocurrency trading pairs, and licensing fees for market operators.
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