The Securities and Exchange Commission of Thailand (SEC) announced that starting July 16, the rules for the regulation of initial coin offering (ICO) come into force, reports CoinDesk.
According to the new rules, the company planning to enter the ICO must fill out an application, which will be checked by specially created "ICO-portals". After this, the application is redirected to the SEC, which makes the final decision on the ICO.
The authorized capital for registration of such a portal must be at least $ 150 000.
Organizers of ICO are required to have a business registered in Thailand. At the same time, funding can be taken from both institutional and retail investors. And the maximum amount of investment for the latter is limited to $ 9000.
In addition, companies are allowed to attract investments only in Thai baht or in cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple and Stellar. However, this limitation follows from the previously approved rules for the regulation of the crypto and ICO.