September 26, 2020

Thai authorities plan to change ICO rules

Thai authorities plan to change ICO rules

Thai Securities and Exchange Commission (SEC) plans to amend primary rules coin offerings (ICOs) and private token sales.

According to employees of the department, existingrequirements create barriers to the use of ICOs. To correct this situation, the SEC will change the rules for selling tokens to certain groups of investors: startups will be able to implement cryptocurrency as part of a private sales phase without providing information about registration applications and the project.

Assistant Secretary General SEC PraoportSenanarong said that the government is going to pass a bill according to which blockchain startups will have the right to conduct an initial offer of coins only on the ICO portal, approved by the Securities and Exchange Commission. The authorities do not plan to introduce restrictions on the amount of investments for institutional clients, venture capitalists and large businessmen. However, the maximum amount of investment in ICO for private investors will be $ 611 per year.

So that all participants in the ICO have the sameopportunities, the SEC offers to oblige blockchain startups to launch coin sales for all groups of investors at the same time. Moreover, tokens purchased at a discount or with bonuses will be frozen for 6 months from the start of the ICO.