Government of Thailand began work on the regulation of ICO

The growth of companies that open the initial offer of coins and neglect the rules of regulation, strongly alarmed the Thai government. This forced local regulators to work on the regulatory framework for the ICO, suspending the development of draft laws on the regulation of the Crypto-currency.

Public and private companies in Thailand launch ICO projects, but the state still has not worked out the final legislative framework for their regulation, reports Thai Rath, adding that they "They are afraid that the regulators will make it more difficult for issuers and investors."

Earlier, J. Ventures, a subsidiary of Jay Mart Plc, which is listed on the Thai Stock Exchange (SET), was the first registered company to conduct an ICO. She sold 100 million digital tokens and earned 660 million baht (about 21 million US dollars).

Project Planning Service Plc (PPS) is represented in the Thai alternative investment market. It plans to raise about 500 million baht (about 16 million US dollars) through ICO Profincoin and use the funds to expand its business.

PPS said it plans to comply with any rules set by the Thai SEC. The CEO of Fintech (Thailand) Co Ltd said in an interview:

"Profincoin is an asset-backed token that can fall under the definition of securities."

Thai fintech-startup, Stockradars, also announced the ICO to create a social trading platform. Presumably, 22 March will launch sales of 120 million tokens.

Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia

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