The Bangkok Times reported June 13 that five new ICO projects will register for consideration by Thailand's Securities and Exchange Commission (SEC) to begin fundraising procedures after regulatory laws for the cryptocurrency industry come into effect later this month.
"Out of 50 ICO projects expecting to raise funds from the Thai capital market, five are ready as initial pilot projects," stated Thawatchai Kiatkwankul, director of the SEC's corporate finance division.
Although the names and specific projects of the five companies issuing the ICOs have not yet been disclosed, Kiatkwankul did outline different factors that Thailand's SEC was looking for while considering an ICO for approval:
"Projects [that] can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising."
These regulatory laws also define which cryptocurrencies can be listed in trading pairs, and these include BTC, ETH, BCH, ETC, LTC, XRP, and XLM.
The influx of ICOs in Thailand may be in response to a royal decree issued by Thai King Rama X on May 13, which enacted laws regulating and defining cryptocurrency.
The acceptance of these new ICOs is the culmination of many months of debating and drafting laws. In September 2017, Thailand's SEC issued guidelines for regulations covering ICOs and cryptocurrencies. In January of this year, Thailand's SEC published the results of a study on ICOs that found an extreme rate of failure, necessitating regulation of the industry.