The Securities and Exchange Commission of Thailand (SEC), the country's financial regulator, has published a regulatory framework for ICOs, which will come into effect on July 16.
Under the newly approved guidelines, ICO issuers are required to be a registered company in Thailand approved by the SEC and have a minimum registered capital of 5 million baht ($150,000).
While each approved ICO operator will be allowed to offer an unlimited number of tokens to institutional investors, venture capital and private equity firms, and very high-net-worth individual clients, retail investors have a supply cap of 300 000 baht ($9050).
It is noteworthy that ICOs will only be able to accept payments in seven selected cryptocurrencies. These are Bitcoin, Bitcoin Cash, Ethereum, Ripple, Ethereum Classic, Stellar and Litecoin. Issuers are also permitted to accept investments in Thai baht.
SEC Secretary General Rapi Suharitakul said:“The SEC is pleased to immediately discuss the details of the new guidelines with those seeking approval to conduct an ICO. Once a company receives approval, it will be able to submit its token for approval.”
The new guidelines are part of a broader campaign by Thai authorities to regulate—in effect, legalize—the domestic cryptocurrency and ICO market. The Thai Ministry of Finance has proposed a 15% tax rate on cryptocurrency profits. In May, Thailand's tax agency waived the 7% value-added tax on the sale of digital assets.
The SEC expects at least 50 companies to apply for approval, and they have reportedly already selected 5 projects to approve before July 16.
According to ccn.com
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