Thai regulator’s strict selection: only 5 out of 50 ICOs will be approved

Thai regulator’s strict selection: only 5 out of 50 ICOs will be approved

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The Thai government has strengthened the regulation of blockchain projects and significantly reduced the number of legal ICOs. Only 10% of projects were able to pass all checks and were able to collect money.

The main problem of projects is inconsistency with registration standards. Serious supervision, according to the authorities, a guarantee of protection for citizens and a reduction in investment risks. Continuation of the policy will rid the country of fraudsters.

Tipsuda Tawaramara, Deputy Secretary General of the Thai Securities Commission (SEC), noted that each project must secure listing agreements on the relevant sites before starting to actively work in the technical area of ‚Äč‚Äčimplementation. Such portals for ICOs will play the role of a financial regulator that will provide citizens with safe investment options. However, agreements alone, according to the Thai SEC, are not enough: the right to make the final decision on the launch belongs to the regulator, which, after the project team has provided all the necessary documents and data on cooperation, begins to independently study the details. Thorough study of each project takes about two months.

Current regulation on ICO not final. The SEC continues to explore available regulatory options. Rapid changes in the environment of blockchain projects, as well as insufficient experience with new digital assets — these are the main engines for finding the right solutions.   

Thai regulator's strict selection: only 5 out of 50 ICOs will be approved

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text: Evgeniya Likhodey, photo: Visual Hunt