Thai Regulator May Relax on ICO Crypto Asset Rules to Find “Greater Equilibrium”
The securities regulator of Thailand is now planning to host a public hearing to decide on the future of cryptos. Fortunately, the public hearing will not be for something fearsome like banning cryptos, but to decide whether it is a good idea to loosen up a bit the rules that exist for Initial Coin Offerings (ICOs).
Thailand’s original royal degree to regulate domestic crypto markets was created in May. The rules affirmed that an ICO portal should be created to centralize the creation of ICOs a bit and to enforce stricter rules for the industry for compliancy reasons.
Now, depending on the result of the public hearing, there is a quite good chance that the fundraising process can become considerably less strict than it was originally.
Tipsuda Thavaramara, the general secretary that oversees the Thai Securities and Exchange (SEC), has affirmed recently that the major reason to change the way that ICOs are supposed to be done in the country is to find a greater equilibrium in the process of creating an ICO.
Because of this, the country will continue to take into account all the risks that the investors might face when creating an Initial Coin Offering but will propose a regulation that will not be as harsh and prohibitive. The idea is not to create any specific proposed criteria for ICOs but a good starting point for them in the country.
ICOs Face A Tough Time Worldwide
At the moment, ICOs are not doing very well. Not only the crypto market has a very clear bear trend going on in it, but most people are suspicious of ICOs. So many ICOs failed after the hype of 2017 that many investors are now wary of them. Also, the prices are going down, so miraculous promises about returns simply do not work anymore.
Some countries, like Thailand, may be seeing the beginning of more positivity towards ICOs, but the United States, for instance, is being very harsh with them and the U.S. SEC is going after many unregulated ICOs in the country, as considers most tokens to be securities.