Thai Regulator Confirms July Start Date For Regulated ICOs

Thailand announced it will move forward with plans to allow ICO regulations in the country beginning July 16, CoinTelegraph reported.

The Thai Securities and Exchange Commission (SEC) has now finalized details of how ICOs will operate going forward, the report said.

Detailing the plans further, CoinTelegraph said the new regulation will provide a two-tiered vetting procedure, with accredited “ICO portals” in charge of selecting applicants to pass to the SEC for a final screening, CoinTelegraph reported.

“Once approved by an ICO portal, the SEC will begin to consider applications for the issuance and sale of digital tokens for ICOs.” – ICO announcement from Thailand’s SEC

The approved regulation system is the result of a consultation and preparation process by the government which has taken several months to be worked out, the report said.

Originally announced in March and via royal decree in May, CoinTelegraph reported, its culmination will see Thailand become one of the first jurisdictions in the world to permit ICOs to function in a fully-regulated environment.

South Korea could soon follow, the report said, as lawmakers currently considering a reversal of the country’s ban on ICOs in favor of controlled operation.

Prospective Thai ICO operators meanwhile must comply with a range of prerequisites before applying, including a minimum capital of 5 million Thai baht ($150,000) and the ability to fully disclose aspects of technical functionality and investment plans, the report concluded.

– WN.com, Jack Durschlag