The Thai Securities and Exchange Commission (SEC) has officially announced its regulations for initial coin offerings (ICOs). The rules specify requirements for ICO portals, issuers, as well as who can invest in tokens. The Commission has also provided a series of infographics to explain the regulations.
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Thai SEC’s Official Statement
Rapee Sucharitakul.
The Thai SEC officially announced Wednesday the regulations for ICOs, which will take effect from July 16, according to local media.
The ICO regulations fall under the Digital Asset Management Act BE 2561 which regulates cryptocurrency in the country, Thai Rath newspaper quoted Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, explaining.
Along with the announcement, the Commission has published a series of infographics to explain the regulations which are shown below.
ICO Portals
Mr. Rapee detailed, as reported by Prachachat Turakij, “those wanting to launch an ICO must undergo screening from an ICO portal. So, initially, the SEC will first approve ICO portals.” A platform wanting to operate as an ICO portal must apply for approval from the Commission which can take up to 90 days. “Once the portal has been approved, the SEC will begin to consider applications for the issuance and sale of digital tokens,” he clarified.
An ICO portal applicant must be a Thai company with registered capital of at least 5 million baht (~US$150,636). Citing that ICO portals must identify “investors’ status, identity, and risk-taking ability,” the Bangkok Post elaborated:
ICO portals’ management structure and personnel must be adequate for business operations. They are also required to be prepared to evaluate ICO issuers’ business plans and the distribution structure of digital tokens as well as perform checks to ensure that computer
