The Securities and Exchange Commission of Thailand has officially laid out the regulatory framework for legal initial coin offerings (ICOs) and approved its first ICO.
The ICO portal will let companies seeking to launch a cryptocurrency or token offering to petition the SEC for approval so that that the coin complies with Thai law.
Crypto activists have been pushing governments around the world to adopt legal standards and regulations to monitor new coin offerings.
At present, many ICOs are merely scams that offer false promises to those who purchase their coins or tokens, duping them into giving them money and subsequently shutting down and escaping with the funds.
After the SEC regulations, Thai authorities will now have the ability to conduct due diligence in regards to new coins to make sure there are no issues and that the ICO is actually what it says it is.
Under Thailand law, cryptocurrencies are now legal and four different crypto exchanges were approved for trading last year.
Read the full story here.
{ 0 comments… add one now }