Thailand’s SEC announced a regulatory framework for ICOs and cryptocurrency. The announcement include a list of the 7 approved cryptocurrencies, fees, and licensing requirements with effects taking place at the end of June.
The Bangkok Post quoted:
“The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar.”
ICO Under Surveillance
ICOs will be under strict surveillance and must follow certain stipulations from the SEC. To gain SEC approval, token issuers must define and identify the tokens issued in the sale. The ICO is required to have at least 5 million baht ($156,000 USD) in capital and will be monitored for at least one year. Unauthorized sellers may face up to two years in jail.
Business Entities Must Pay Fees
The government in Thailand is taking advantage of the trend. In order for entities to be registered to execute trades with cryptocurrencies in Thailand, they must pay 5 million baht (~$156,000 USD). Asset dealers owe a fee of 2 million baht (~$63,000 USD), while brokerage firms oew 2.5 million baht (~$78,000 USD). The annual fee for exchanges is 0.002% of trading volume, with a minimum of 500,000 baht and max of 20 million baht. Exchanges have until mid August to apply for a license.
Categories Bitcoin Cryptocurrency Ethereum Litecoin Ripple Stellar