The Financial Markets Authority of Thailand announces the regulation of the initial coin offering

The Financial Markets Authority of Thailand announces the regulation of the initial coin offering

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Answer The Financial Markets Authority of Thailand announces the regulation of the initial coin offering

According to a report by the Bangkok Post, the Financial Markets and Exchange Commission of Thailand has released the regulations for the initial coin offering (ICO), which will start on the 16th of next month.

As soon as these plans were issued, new entrepreneurs wishing to offer their own digital currency were informed that they had a company registered in Thailand with a license from the Securities and Exchange Commission (SEC), with a requirement to have an initial capital of five million baht, which is equivalent to one hundred and fifty thousand dollars. American.

According to the Securities Commission, all companies will be allowed to start selling their cryptocurrencies, as well as to the most prominent investors in the country, stock companies and individuals trading, but the initial trading ceiling will be close to only ten thousand dollars.

It should be noted that ICO owners are only allowed to accept and receive seven currencies, which are Bitcoin, Ripple, Bitcoin Cash, Ethereum Classic, Stellar and Litecoin, and they can also receive fiat currencies, which are the US dollar and the Thai baht.

Investment prospectuses, financial statements and the source code will be disclosed by the Trading and Stock Exchange Committee, and plans to offer new coins will be scrutinized. that have been announced.

The Securities and Exchange Commission also announced through its general secretary that the details will be discussed with those wishing to be approved as projects wishing for the initial coin offering, after submitting the official requirements that will be announced in the next few days.

It is noteworthy that at the beginning of the current year 2018, Thailand aspires to legalize the digital currency market and put it under direct observation by large banking sectors, and these measures are part of a broad technical approach followed by the Thai authorities.

The Thai Ministry of Finance also announced the proposed tax rates for foreign exchange trading and investments in the country, which is estimated at around 15 percent on profits only, and that according to economic reforms aimed at attracting investments, the value-added tax of 7 percent on the total amount has been waived.

The SEC said it expected to reach 50 ICOs but wanted to pick only the top 5 companies to deal with on an ongoing basis.

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