Thai SEC Steps up New Crypto and ICO Regulations

Thailand’s Securities and Exchange Commission (SEC) held a focus group on cryptocurrency few weeks ago that it streamed on Facebook Live. The hearing concentrated on the SEC’s way to deal with crypto-related businesses and raising support through Initial Coin Offerings (ICO), local news outlet Siam Blockchain reports.

The focus group explained that ICOs can raise funds in the Thai baht and cryptocurrencies allowed by the SEC – those that “have enough liquidity and are not associated with money laundering.” Projects running ICOs, whose applications must be finished in 60 days, will also need to conform to standards laid down by the regulator.

Siam Blockchain additionally reports that the ICO Portal of Thailand won’t list any international ICOs, and that the Thai SEC won’t be associated with the ICOs of stable coins, which rather are coordinated to the national bank for regulations.

Earlier last month, the Thai SEC launched a crypto regulatory system that characterized cryptocurrency as “digital assets and digital tokens” under their regulatory jurisdiction. Thai Finance Minister, Apisak Tantivorawong, said that the new legislation is encouraging ICOs, as long as they are officially registered.

Cointelegraph reported then that the new regulations have abandoned some Thai crypto organizations confused regarding how to follow the framework. This is especially in the areas of registrations and taxes, as the new regulations will require that all Thai-based crypto exchanges, traders, and merchants register with the right authorities.

On May 14, the general secretary of the Thai SEC announced that extra laws will be enacted to ease the crypto regulatory system.

In February, the exclusive Thai Digital Asset Exchange (TDAX) announced they were postponing the trading and registration of ICOs for two weeks while waiting for the SEC’s regulatory framework.