Thailand’s SEC to Lift Initial Coin Offerings (ICOs) Investment Limit
Thailand’s Security and Exchange Commission (SEC) recently decided to lift the investment limit for Initial Coin Offerings (ICOs). The current regulation limits investors to devote only up to $8,800 worth of ICOs. Thai securities regulators also revealed their plans to loosen restrictions and give room to develop the crypto market which will allow more investment, particularly into real estate and infrastructure backed ICOs.
To support this strategy, the SEC opened a hearing to get feedback from the public on their decision to raise the ICO investment limit. The consultation ran until April 27 and the government will soon evaluate the result of public opinion. The trading of stablecoins is still deemed illegal since 2021 by the Bank of Thailand.
Despite Thailand’s relatively strict regulations compared with some neighboring countries, cryptocurrency has gained popularity not only in the investment field but also in the political arena. A contender to be the prime minister of Thailand, Srettha Thavisin, announced publicly that every citizen will be given a 10,000 Thai Bath (US$300) stimulus package in the form of digital currency if his party, forms a government after the May general election.