SEC Thailand intends to support the development of the ICO sector in the country

News24xx.com - The Thai Securities and Exchange Commission (SEC) is developing new regulations that support the development of the ICO sector in the country and conducts public hearings to finalize the regulatory rules.

The SEC Thai regulator recently made the following statement, according to the Bangkok Post:

"The Thai Securities and Exchange Commission is holding public hearings to ease the regulation of ICO preliminary and closed sales, in order to reduce obstacles to the collection of funds by ICO organizers"

The Thai SEC was given the authority to regulate the ICO sector in May 2018, after the entry into force of the King’s Decree. After that, the commission began to develop legislative measures, issued a number of recommendations and prescriptions: for example, in October, urged citizens not to invest in nine designated cryptoactive assets and ICO. At the same time, the regulator hasn’t previously expressed a clear position on the future regulation of the market. Last week, the SEC Assistant Secretary General, Praoport Senanarong, said:

“The Thai government is in the process of considering a suitable regulatory scheme. Fundraising through ICOs must be done through an SEC-approved ICO portal to help track ICOs and increase transparency. ”

The ICO portal assumes the introduction of a number of regulatory rules, which means that ICO campaigns will be monitored in terms of compliance with the law and the application of investor protection measures, which should reduce fraud. An article in the Bangkok Post describes:

“To prevent speculation with investment opportunities during an ICO, the SEC plans to require all ICO organizers to distribute all digital tokens within a group of investors at the same time after the completion of public sales. Digital tokens received at a discount or as a bonus will have a blocking period of 6 months from the date of the start of the distribution of digital tokens ”

Now it is reported that public hearings will be held until the end of January 2019. Only after their completion will all the rules and measures of the new ICO regulation in Thailand become known.