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Thai SEC intends to approve five ICOs

This step occurs against the backdrop of the coming into force of new laws on cryptocurrencies.

17.Jun.18 9:43 PM
By Jason Brideslow


Thai SEC intends to approve five ICOs
Five out of fifty

According to the Thai SEC, about 50 projects have applied for approval of a campaign to raise funds from the capital market of the country. Of these 50 applications, five are expected to receive green light following the entry into force of new laws. Commenting on this decision, the director of the securities department of the Thai company Thawatchai Kiatkwankul said that the five selected projects are ready as initial pilot projects:

"Projects that can be [easily verified] and have commercial attributes attached to them will be considered for fundraising."

If these five projects succeed in obtaining approval from the Thai SEC, then Thailand will become one of the few countries that will allow ICO to be conducted under conditions governed by the state.

Thai SEC encryption rules

On June 8, 2018, the SEC in Thailand announced new encryption rules for ICOs, approved trading pairs of digital currency, and licensing for market operators. This new crypto-legal basis followed the May declaration, which initially banned the ICO.

The new rules also approved seven crypto-currencies - bitcoin, ether, Ripple, Bitcoin Cash, Litecoin, Stellar and Ethereum Classic. These cryptocurrencies are legally recognized trade pairs in the country. They were chosen for their liquidity and trust. In addition to the seven approved currencies, the SEC is going to grant licenses for the operation of 10 exchange platforms and a broker-dealer.

The new regulatory paradigm contains a comprehensive breakdown of fees that all operators must pay for. This includes payment for cryptocurrency exchange platforms, as well as brokers.

A month ago, we already talked about the fact that VAT was abolished in the country for individual crypto investors.

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