The Securities and Exchange Commission of Thailand is reportedly considering to relent the country’s ICO regulations. A public hearing will be conducted to reduce the severity of rules on pre-sale and private crypto sales. The SEC has also unveiled plans to eliminate the usage of crypto sales.
According to a report from the Bangkok Post, the SEC proclaimed the country’s ICO regulations on Dec 20, 2018:
“The Thai SEC is conducting a public hearing to relax regulations on pre-sale and private sales of ICOs, aiming to reduce impediments for issuers raising funds.”
The current regulations apply to all crypto sales such as pre-ICO and private sales. The change is expected to reduce the burden on crypto service providers.
On May 14, 2019, a royal decree on cryptocurrencies made Thai SEC in charge of regulating all the operations related to digital assets and initial coin offerings (ICOs). Crypto dealers, exchanges and brokers are required to be legally licensed by the Thai SEC.
One crypto and six exchanges have managed to secure a temporary license so far, although there are no legally certified ICO portals. Security concerns related to ICO portals is delaying its confirmation.
The Thai SEC assistant secretary general, Praoporn Senanarong said that the government of Thailand is planning a suitable regulatory framework for crypto sales, according to the statement released by the Thai SEC on their website.
The assistant secretary general highlighted that ICO funding should be carried out through an ICO portal that is ratified by the Thai SEC to enable screening of ICOs and ensure transparency. The deadline for submission of regulatory framework comments to Thai SEC is Tuesday, January 22, 2019. Furthermore, she added that there is no investment limit for high net worth and institutional investors and venture capitals. Whereas, retail investors will be subjected to a certain threshold.
Bangkok Post further revealed :
“To prevent exploiting opportunities during public ICOs, the SEC plans to require all ICO issuers to distribute all digital tokens to every investor at the same time after public ICOs end.”