Thailand, which aims for a more balanced crypto money market, has set its mind to make regulations on ICOs taking place in the country for this purpose.. The Thai government, which is considering expanding the current rules a little more, has already started to exchange ideas with relevant institutions, while official statements on the subject are expected to be shared with the public in the coming days. It was stated that an ICO of a company registered by the state will be held in the country in the near future, and approximately $20 million in revenue is expected from this ICO.
Movements of Other Countries Regarding ICOs Thailand
Thailand Market Supervisory Board and Thai National Stock Exchange executives took action after the practices for ICOs in other countries of the world. According to the news in the press platforms in the country, the Thai Government aims to make its citizens’ investments more secure in the coming period by creating a rule book on ICOs. While it is stated that it will be shared with It was also stated that it will go to the parliament in order to become official.
According to the current laws in the country, a citizen can spend a maximum of 10 thousand dollars per ICO. The annual quota is 95 thousand dollars per person. The Thai government will re-evaluate this figure by negotiating with major investors and related institutions, and the figure will be; expected to change in the near future.. In a statement on the subject, government officials used the following expressions:
We have to enact laws that require more careful and total compliance with regard to ICOs because this is a very important issue.”
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Rapee Sucharitakul, who is the vice-chairman of the Stock Exchange Supervisory Board in the country, stated that the regulations made in many other countries regarding ICOs contributed to their taking action as Thailand, and that this event needs to be dealt with at the political level. He added that he heard. Sucharitakul added that the event will be discussed at the next month’s meeting of the institution.
Indicating that if the event of non-regulation of ICOs in the country continues, some foreign investors will have question marks on their legitimacy. >Rapee also underlined that organizing the event in a better way and drawing sharp boundaries would be in favor of the investor.. Adding that especially some of the ICOs pose serious dangers, Rapee added that many start-up companies can easily raise funds without showing any financial data, and stated that this is now a trend situation.
An important company in the country will hold an ICO in the near future. J Ventures, a subsidiary of Jaymart, will be the first company in the country to be listed by SET and issue its own cryptocurrency. The company, which will sell the crypto money called J Fin, will use these coins in a decentralized system integrated with the blockchain basis.. It is stated that the formation, which laid the foundations of an online purchasing site, hopes to raise approximately $21 million after the ICO.. It has been stated that 100 million tokens will be distributed throughout the ICO, while the fee per token will be 6.40 baht, or $0.20 .
No Worry
This statement by the SEC actually shows that the positive view of cryptocurrencies and ICOs in Thailand will not change. Although it is thought that Thailand, which is one of the rare countries that approach cryptocurrencies positively at the first time of these news, will turn their back on ICOs, the truth of the matter is not so.. Planning to secure its investors with these regulations, Thailand also aims to offer a safer environment.. Speaking on the subject last month, SEC Vice President Praoporn Senanrong stated that the reason for these practices to come to the fore was to provide a safe environment for investors.
The history of legal regulations on ICOs was revealed in the statements made last month. Even though it was given as the second quarter of 2018, the government has decided to push this regulation a bit forward.
The Thai government, like many other countries, is trying to find the balance between ICOs.. The Thai government, which wants to support digital enterprises, on the other hand, does not want to allow ICOs that steal people’s money, produce empty projects and then disappear.. The Thai government says that some ICOs are purely for speculation and malicious purposes, while others are aware that they offer technologies that society will need in the future.. In addition, trade, in which short and long positions related to Bitcoin have been opened recently, has also started in the country.
With the new regulations in the country, a limit has been set on the money to be collected in ICOs.. Accordingly, a company that makes an ICO will be able to receive a maximum investment of 20 million baht, or 640 thousand dollars, from an individual investor.. The total investment that the ICO will receive is limited to 40 million baht, or 1.3 million dollars, considering other investor types. It will have to act according to the rules set by the Market.. All companies will share their whitepapers and share detailed explanations with the project’s goals, business plans and future goals with this system.. At the same time, companies that will do ICO will have to sign a statement that they accept some legal obligations.. For now, it is a matter of curiosity how things will go after these regulations in the country.
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