Thailand’s SEC has announced plans to ease restrictions on retail investments in ICOs to boost digital investments in the country.
The SEC formally declared on March 30 that the Thai securities regulator is willing to lift the 300,000 baht ($8,800) per person cap for asset-backed ICOs in order to permit larger investments in infrastructure and real estate-backed ICOs.
According to the Securities and Exchange Commision, the new policies are intended to assist Thailand in accelerating domestic technological development as a result of the expansion of the capital market and the digital economy.
“The revision of the regulation is aimed at enhancing effective monitoring of digital asset operations and reducing risks that might affect investors, digital asset operators and the market.”
The SEC announced the start of a public hearing for the proposal to eliminate the investment cap while emphasizing that the new regulations would expose investors to more risk.
The public comment period will go until April 27. The agency intends to make it mandatory for operators of digital assets to request approval from the SEC before entering new markets.
The SEC warned that digital asset operators would have to pay more to comply with the new ICO rules. The current suggestion by the Thai SEC comes after a series of previous regulatory changes aimed at the nation’s market for digital assets.
Early in March, the Securities and Exchange Commision opened a new round of public comment on its proposed rule that would prevent cryptocurrency companies from providing staking and lending services.
Recently, the regulator also unveiled new cryptocurrency custody services, with the possibility to oblige issuers of virtual assets to set up a digital wallet management system to ensure the security of cash.
