Thailand's Securities and Exchange Commission (SEC) held a focus group on cryptocurrency regulation today, May 21, streamed on Facebook Live. The hearing focused on the SEC’s approach to crypto-related businesses and fundraising through Initial Coin Offerings (ICO), local news outlet Siam Blockchain reports.
Today’s focus group clarified that ICOs can only raise funds in the Thai baht and cryptocurrencies permitted by the SEC – those that “have enough liquidity and are not associated with money laundering.” Projects running ICOs, whose applications must be completed in 60 days, will also need to adhere to KYC and AML standards.
Siam Blockchain also reports that the ICO Portal of Thailand will not list any international ICOs, and that the Thai SEC will not be involved with the ICOs of stable coins, which instead are directed to the national bank for regulation.
Last week, the Thai SEC released a crypto regulatory framework that defined cryptocurrencies as “digital assets and digital tokens” under their regulatory jurisdiction. Thai Finance Minister, Apisak Tantivorawong, said that the new legislation is supportive of ICOs, as long as they are officially registered.
Cointelegraph reported last week that the new regulations have left some Thai crypto companies confused about how to follow the framework, particularly the sections on registration and taxes, as the new regulations will require that all Thai-based crypto exchanges, brokers, and dealers register with the proper authorities.
On May 14, the general secretary of the Thai SEC confirmed with a local news source that additional laws will be introduced to the crypto regulatory framework. Siam Blockchain reports that a Thai SEC hearing on crypto will be held on May 30.
In February, the privately owned Thai Digital Asset Exchange (TDAX) announced they were deferring the trading and registration of ICOs for two weeks while waiting for the SEC’s regulatory framework.