Thai SEC Reveals 5 out of 50 ICO Applicants ‘Ready’ to Raise Funds Under New Laws

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Thailand’s financial regulator the Securities and Exchange Commission (SEC) has confirmed five ICOs are ready to raise funds via the country’s new fundraising regulations, local media Bangkok Post reported June 13.

Following new regulations governing cryptocurrencies that took effect May 14, ICOs will face obligatory requirements to register with the regulator, along with various other restrictions.

According to Thawatchai Kiatkwankul, director of corporate finance at the SEC’s equity department, out of a total of 50 prospective offerings, only five unnamed ICOs are “ready” to go ahead under the new legal framework.

“Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising,” Thawatchai told Bangkok Post.

Thailand now requires virtually any entity involved in cryptocurrency to register with the SEC within 90 days of the May 14 deadline.

These include “ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions,” the Post confirms.

For ICOs specifically, investment amounts are limited to 300,000 THB (about $9,323) – or no more than 70% of the total value of offered tokens – per investor per ICO.

Last month, the Thai SEC opted to hold a dedicated Q&A session on the new rules after it appeared businesses were confused over their obligations.