As part of its balanced approach, Thailand is taking further steps to regulate initial coin offerings by expanding current guidelines. Discussions on the framework between relevant institutions have already started, with a public hearing to be conducted soon. The first ICO to be carried out by a locally registered company is scheduled for March. The plan is to raise more than $20 million for a decentralized lending platform.
Growth in Other Countries Convinced Thailand to Act
Thailand’s Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) are discussing a comprehensive regulatory framework that will cover fundraising through initial coin offerings, the Bangkok Post reported. A public hearing is expected to be carried out in the near future. Once completed, the new set of rules will be presented to the Commission’s Board of Directors for further consideration.
Current guidelines limit the maximum investment for retail investors to $10,000 per ICO and $95,000 per person. Using additional information gathered from participants in the market, the SEC’s Board of Directors will finalize the regulatory framework for token sales and related financial transactions. The matter is expected to be raised with the board in the first quarter of this year.
The ICO issue requires a coherent national policy because it is a major issue
So said SEC Secretary-General Rapee Sucharitakul, noting that the rapid growth of ICO fundraising in many countries is the main reason behind Thailand’s decision to address the matter at policy level. Token sales will be discussed when SEC’s Board of Directors reconvenes.
If ICOs are not regulated, investors and other participants may question their legitimacy, Rapee warned in further comments on the need of regulatory support for this type of investment. Read More Here