The Securities and Exchange Commission of Thailand (SEC) has published a set of rules for the regulation of cryptocurrencies and ICOs. These measures were approved at the regulator's meeting on June 7 and are expected to come into force later this month.
On May 13, 2018 in Thailand, cryptocurrencies were equated to digital assets. Under the new rules, SEC approved 7 cryptocurrencies, which will be traded in pairs. These are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple and Stellar. These currencies were chosen based on their level of confidence and liquidity.
All platforms that deal with digital assets, and are registered in Thailand, are required to apply for a license before August 14, 2018. The new rules say:
"All market participants, including ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions, are required to register with the SEC within 90 days of the effective date."
Such platforms will also be required to pay an upfront fee of 5 million baht (~ $156,100). Further, annual payments of 0.002% of the total turnover for crypto exchanges and 0.001% for brokerage firms are provided. The minimum fee for crypto exchanges is 500 thousand baht (~ $15,600), and for brokers – 250 thousand baht (~ $7,800). The maximum fee is 20 million baht (~ $624,700) and 5 million baht (~ $156,200), respectively.
To receive the SEC approval, the issuers of tokens "must state clearly the type of tokens being issued, as well as investment information," the publication notes. ICO portals must have registered capital of at least 5 million baht (~ $156,600) and should follow the ICO offerings for at least a year.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.