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New Regulations for ICO from the Securities and Exchange Commission of Thailand (SEC)~~~~~~~~~
✔️Thailand’s agency regulated the financial market had announced a set of regulations for initial coin offerings (ICOs) that will come into force on July 16th.
✔️Under the guidelines, ICO issuers must have their company registered in Thailand and be approved by the SEC. According to Bangkok Post, these companies also must have the registered capital of 5 million Thai baht at minimum (about 150.000 in dollars).
✔️Once approved, each operator can offer an unlimited number of tokens to high net worth individuals, institutional investors as well as venture capital and private equity firms. Retails investor can only invest 300,000 baht or around USD 9,000 at maximum.
✔️Another noteworthy point is that ICO issuers are only allowed to receive payment in 7 digital currencies, which are Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar, and Litecoin, or investment in baht. ICO issuers will have to go through an ICO portal for audit, which is approved by the SEC.
✔️The management structure and operation plan of ICO issuers are also required to audit by the SEC. All required document have to be ready to evaluate like plans of operation or the distribution structure of digital tokens. The SEC will perform checks to ensure that computer code, or source code, matches the disclosed information.
✔️Rapee Sucharitakul, SEC secretary-general, said:
“The SEC is pleased to immediately discuss details with those who would like to be approved as ICO portals in order for them to be prepared for the regulatory framework. After the SEC approves an ICO portal, the token will be assessed for approval.”
✔️The new regulations set is just an approach method of Thailand’s Government to manage and legitimize the crypto trading activities and ICO market in the country.
✔️The Ministry of Finance of Thailand also proposed a tax rate of 15% of the total income for trading and investing cryptocurrency. In May, the Revenue Department of Thailand abandoned the 7% VAT levy, removing a huge burden for domestic investors. Currently, five of 50 applications for ICO licenses have been approved by SEC.
RTCRothscoin
