Indian Bank Seeks High Court to Administer Crypto

Cryptocurrency & ICO’s Are Approved In Thailand

From July 16 onwards, crypto enthusiasts and investors in Thailand will have some transparency over what is acceptable and how they can trade with equanimity.

The Thai Securities and Exchange Commission has revealed its new regulatory framework for seven cryptocurrencies and initial coin offerings (ICO’s), including laws on licensing requirements, and fees.

As per the decree from Bangkok post, it is mandated for the ICO users to get their company registration approval in Thailand by SEC with a minimum registered capital of 5 million baht (approx. $150,000), which is separated into 2.5 million each for token distribution and cryptocurrency operations.

With these laws, approved ICO operators are legitimate to offer their services like an unlimited number of tokens to high net worth individuals, institutional investors as well as venture capital and private equity firms. But the rules have come with some caveats on retail investors who have to maintain a cap of 300,000 baht approx. $9000 per person and per ICO project or no more than 70% of total value of offered tokens.

Also, ICO issuers are allowed to receive payments in seven cryptocurrencies. These are bitcoin, ether, ripple, bitcoin cash, ethereum classic, stellar and litecoin. The Issuers can accept fiat investments in Thai baht. There will also be an ICO portal process which is required to be approved by the SEC.

The framework requires the disclosure of the investment prospectus, financial statements, and the ICO’s source code which is made mandated by the authorities. While performing a stringent check to ensure that computer code, or source code, matches the disclosed information SEC will also scrutinize plans of operations and evaluate ICO issuers, business plans and the distribution structure of digital tokens as well.

SEC secretary-general, Rapee Sucharitakul,relayed that, “The SEC is pleased to immediately discuss details with those who would like to be approved as ICO portals in order for them to be prepared for the regulatory framework. After the SEC approves an ICO portal, the token will be assessed for approval.”

In India this week the federal government has banned cryptocurrencies (and the liquidation of them) through the federal banking system. Since this March, Thai authorities have been building the legislative process to regulate domestic cryptocurrency and ICO markets, issuing two royal decrees. Thai investors maybe feeling a bit relaxedknowing that they can more easily move their cryptocurrency with a legalized structure in place.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin8,112.48 1.49 % 10.73 % 12.11 %
Ethereum260.38 1.24 % 10.22 % 35.02 %
XRP0.411 0.73 % 10.06 % 29.55 %
Litecoin95.30 1.43 % 9.42 % 7.01 %
Bitcoin Cash417.13 2.65 % 16.71 % 15.86 %