ICO projects get restriction in Thailand

Posted 06 July, 2018

Thailand's Securities and Exchange Commission announced that the new rules for ICO floating might come into force beginning from July 16. 

Under the new regulation, the companies that plan ICO has to submit the corresponding application. At the same time, an application from the ICO-portals will be considered the first.

Specifically, ICO portals represent online marketplaces that provide services to potential ICO holders for managing their token sales. The charter capital of an ICO portal is set at over $150,000.

"Those approved ICO portals will be responsible for screening projects, after which the applications of those selected projects will then be considered," the SEC commented.

ICO holders have to register a business in Thailand. At the same time, they can accept funding from both institutional and retail investors. The latter cannot invest more than $9,000.

These rules are said to come out of long-lasting disputes and meetings aimed at finding the right means for regulation of the crypto segment and ICO projects in Thailand. Besides, the company can attract investments only in the Thai currency or cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple and Stellar.

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