The Securities and Exchange Commission of Thailand (SEC) approved the creation of a self-regulatory organization. It will conduct an audit of ICO projects, develop industry standards and improve KYC verification mechanisms.
SEC representatives explained that the primary goal of the new organization would be to identify tokens with signs of securities. Such coins will be regulated in accordance with the Securities and Exchange Act, and their issuers will have to apply for a license.
Earlier, the Ministry of Finance of Thailand licensed three cryptographic bureaux. Bitcoin Exchange, Bitkub Online, and Satang Corporation have been granted the right to work with cryptocurrencies.
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