Thailand Financial Watchdogs the Securities and Exchange Commission (SEC) confirmed that it would register five new Initial Coin Offerings (ICOs) projects to begin fundraising procedures later this month. Local media Bangkok Post reported Wednesday, June 13.
Thawatchai Kiatkwankul, director of the SEC’s corporate finance division, stated that: “Out of 50 Initial Coin Offerings projects expecting to raise funds from the Thailand capital market, five are ready as initial pilot projects,”
Notably, the names of those five firms issuing ICOs have not yet been revealed, but Kiatkwankul did outline different factors that Thailand’s SEC was looking for while considering an ICO for approval:
“ICOs Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising.”
Thailand government requires all cryptocurrency industry participant to register with Finance Ministry within 90 days from May 14, when the new crypto regulations took effect. These include token issuers, crypto exchanges, brokers and dealers involved with digital asset transactions.
Reportedly, the financial regulator will allow seven digital currencies for ICOs to be traded as trading pairs. These include bitcoin, bitcoin cash, Ethereum, Ethereum classic, Litecoin, ripple and stellar. SEC defines Trading pairs as a trade between one type of cryptocurrency and another.