Thai SEC regulates ICOs

The Securities and Exchange Commission (SEC) of Thailand finally announced the adoption of a new regulatory framework for Initial Coin Offering (ICO), which will come into effect on July 16. The regulation of ICO will consolidate the status of the fundraising instrument within the nation.

New regulations

The Thai SEC has established guidelines for the country's ICOs to be in the future . The regulation takes the form of a two-level validation procedure. The realization of the ICO will have to go through a procedural form called the ICO portal (company), and the latter must be pre-approved by the SEC.

"Once approved by an ICO portal , the SEC will begin reviewing applications for the issuance and sale of digital tokens for ICOs"

A pioneering approach

The newly mandated guidelines are part of a more comprehensive approach of the Thai authorities. They began a process of legislation regulating cryptocurrencies and ICO markets in May with two royal decrees.

Thailand could then become one of the first jurisdictions in the world to create a regulated environment for ICOs

It seems that South Korea wants to follow suit . The country could change its mind about its restrictive policy around ICOs. She would be in favor of a controlled operation echoing the Thai government.

Potential ICOs will, however, face certain pre-established conditions. The launch of an Initial Coin Offering assumes that the investor has a minimum capital stock of 5 million baht, or approximately $ 150,000, and the ability to disclose all technical aspects and investment plans to obtain the consent of the regulator .

What do you think of the new ICO regulatory framework in Thailand? Let us know in the comments section below.