Five ICOs are about to get approval in Thailand this month once the law on cryptocurrency and ICO becomes effective in June.
According to the news reports, the head of the corporate finance in equity department at SEC stated that they have received applications for approval of 50 ICOs in total, while five of them have already been selected for further consideration.
Notably, the law on cryptocurrencies is about to come into force in late June, and until then the toke sales have been suspended. At the same time, the companies that managed to get approval earlier can trade as before.
It is worth mentioning that the initial public offering in the country is said to be backed by one of the special platforms that will be a financial consultant, which will supervise the compliance with KYC. Once the project is approved, SEC will require about two months to make a final determination on it.
"Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising," reported Bangkok Post citing SEC official.
As it was reported earlier, the crypto sales law was approved on May 14 after series of public hearings. According to the regulation, cryptocurrencies are considered as digital assets and digital tokens.
It is also worth mentioning, that the players have to get permission for crypto business from the Finance ministry.