The Thai Securities and Exchange Commission (SEC) has announced plans to relax restrictions on retail investments in initial coin offerings (ICOs) to drive digital investment growth. The regulator intends to raise the limit of 300,000 baht ($8,800) for asset-backed ICOs per person, allowing for larger investments in real estate and infrastructure-backed ICOs. According to the SEC, these measures are designed to promote local technological progress through capital market expansion and the broader digital economy.
Furthermore, they believe that revising regulations around digital assets will help protect investors and reduce risks associated with operators and trading activities. “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 added.
The SEC of Thailand opened a public hearing for the plan to lift the investment limit, citing potential risks for investors as a result. However, the consultation will run until April 27 and proposed measures include requiring digital asset operators to apply for permission from the SEC to expand their operations.
Additionally, digital asset operators may be subject to additional expenses in order to comply with new ICO regulations. This follows a number of other regulatory changes targeting the digital asset market, such as the draft regulation banning crypto firms from offering staking and lending transactions and introducing new crypto custody services. These may include virtual asset service providers having to establish a digital wallet management system in order to ensure their customers’ funds are secure.
