Thailand has signalled it plans to take the rare step of simplifying procedures through which ICOs can raise money.
Thailand’s securities regulator is planning a public hearing with the aim of loosening rules that form a “barrier” to initial coin offerings (ICOs), local English-language news outlet Bangkok Post reported Dec. 20.
Thailand — which issued a royal decree to regulate its domestic cryptocurrency markets in May — had revealed its intention to license its first ICO portal in November and an ICO itself this month.
Now, rules for issuers to begin fundraising may become less strict, although there will be caps on participation.
“The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments, while taking risk management and investor protection into account,” the Post quotes Tipsuda Thavaramara, general secretary of the Thai Securities and Exchange Commission (SEC) as saying:
“The proposed criteria may not be fully completed, but it is a starting point for businesses to proceed accordingly.”
The plans come at a troublesome time for the ICO industry worldwide. In the United States, regulators have clamped down on legal adherence in recent months, last month fining several well-known cryptocurrency businesses for failing to comply with securities laws.
Barry Silbert, founder and CEO of blockchain-focused investment giant Digital Currency Group, told mainstream media earlier this month that the ICO market was “dead” and “finished.”
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