Thailand is getting new ICO regulation rules to minimize scam

The Thailand Securities and Exchange Commission (SEC) confirms new restrictions for ICO projects. A rule governing this sphere will take effect on July 16. According to that, the ICO must be registered in Thailand with a minimum registered capital of 5 million baht, which is $150,000.

Specially approved portals also referred to as “marketplaces,” will check and screen the projects, with further approval by the SEC itself. The regulator will evaluate business plans, strategies of development, project structure, technical capacity, and source code of each ICO.

Institutional and private investors can finance ICO, but the latter will be limited with the sum equivalent to $ 9,000. The SEC of Thailand allows investing only Thai baht and the short-list of seven cryptocurrencies which are bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, XRP, and lumens.

In the meantime, the regulator waits for 50 applications by the ICO startups.

Image courtesy of ICOexaminer