A March 30 publication on the Thailand Securities and Exchange Commission (SEC) portal revealed that the regulators would amend the initial coin offering (ICO) regulation. The proposed amendments to the ICO regulations aim to promote digital investment growth.
The report reveals that the regulators have agreed to lift the ICO restriction by eliminating the 300000 baht limit imposed on the SEC. The regulators intend to legalize the entrance of high-profile investors from the real estate and property sector to the ICO.
Thailand ICO Restrictions
According to the SEC, Thailand’s capital market and the digital sector have witnessed massive growth due to technological advancement. The changes in innovation have obliged the regulators to adopt friendly regulations to boost local developers.
Additionally, the amendment of the Thailand crypto regulations aimed to improve the digital space’s supervision. The regulators plan to mitigate the risk associated with digital assets to safeguard investors from exploitative practices.
The attempt to formulate friendly regulation obliged the SEC to open consultation sessions with the public to eliminate investment limits. However, the regulators are still concerned that adopting new measures might expose the investors to high risks.
In the meantime, the community has been urged to share valuable input on the Thai’s investment limits before April 27.
Proposed Crypto Regulations in Thailand
The amended regulation requires virtual asset providers to obtain legal approval to expand their core businesses. The SEC plans to increase the cost of obtaining ICO permits.
The regulators announced that the crypto entrepreneurs in Thailand would be required to conform to the new regulation to operate as digital assets service providers (DASP). The regulators announced that the SEC would continue to amend the Thailand crypto regulations.
In a previous report, the SEC proposed adopting restrictive rules prohibiting crypto firms from providing to digital lending and staking services. The proposal was followed by a public consultation closed at the beginning of this month.
Before this, the regulators urged the DASP to invest in installing an innovative management system for crypto wallets to protect the investors’ assets. Moreover, the Thailand regulators launched a crypto custodial service to cope with the changes in demand for the retailer and institutional investors.
