Thai SEC Holds Focus Group to Clarify New Crypto, ICO Regulations
Securities and Exchange Commission (SEC) held a focus group on cryptocurrency regulation today, May 21, streamed on . The hearing focused on the SEC’s approach to crypto-related businesses and fundraising through (ICO), local news outlet reports.
Today’s focus group clarified that ICOs can only raise funds in the Thai baht and cryptocurrencies permitted by the SEC – those that “have enough liquidity and are not associated with money laundering.” Projects running ICOs, whose applications must be completed in 60 days, will also need to adhere to and standards.
Siam Blockchain also reports that the ICO Portal of Thailand will not list any international ICOs, and that the Thai SEC will not be involved with the ICOs of stable coins, which instead are directed to the national bank for regulation.
Last week, the Thai SEC that defined cryptocurrencies as “digital assets and digital tokens” under their regulatory jurisdiction. Thai Finance Minister, Apisak Tantivorawong, said that the new legislation is supportive of ICOs, as long as they are officially registered.
last week that the new regulations have left some Thai crypto companies confused about how to follow the framework, particularly the sections on registration and taxes, as the new regulations will require that all Thai-based crypto exchanges, brokers, and dealers register with the proper authorities.
On May 14, the general secretary of the Thai SEC confirmed with a that additional laws will be introduced to the crypto regulatory framework. Siam Blockchain reports that a Thai SEC hearing on crypto will be held on May 30.
In February, the privately owned Thai Digital Asset Exchange (TDAX) announced they were for two weeks while waiting for the SEC’s regulatory framework.
XRP Price Maintains the Status Quo as Market Remains Undecisive As this Friday afternoon slowly transitions into Friday evening, all eyes will be on the top cryptocurrency markets once again. Up until an hour ago, […]
Ripple Price Analysis: XRP Bulls Waiting On The Sidelines Ripple price spiked on a couple of occasions above the $0.3280 resistance area against the US dollar. There was no proper 4-hour close above the $0.3300 […]
MobileGo has gathered over $26 million dollars making it the second most successful crowd sale in the cryptosphere, and the fourth in the world.
[Note: This is a sponsored article]
MobileGo Raises Over $26 Million & Counting
Initial Coin Offerings (ICOs) are changing the way projects are being crowdfunded, creating a new generation blockchain-based tokens like and assets. Although ICOs started with Mastercoin’s relatively modest sum of roughly 500,000 USD, they are now taking new proportions.
As time passes by, it seems that investors are becoming less wary when it comes to investing in blockchain-based crowdfunds. Now, it is not uncommon for ICOs to gather millions on their first day (or minutes) and that’s exactly what , one of the largest crowdfunding campaigns in history, has done.
Kicking its ICO off with 4 million dollars on the first day, MobileGo has attracted over $26 million (or 6,800 BTC) so far, making it one of the most successful ICOs ever, second only to the , and the fourth project in the whole world. And the ICO isn’t even over yet, with five days left until the end.
Hosted by , the MobileGo ICO allows users to exchange several established cryptocurrencies like bitcoin, Ethereum, Waves, GAME, and others in exchange for MobileGo (MGO) tokens, which will bring several benefits to its holders and help shape the environment of the GameCredit’s Moblie Store, a platform for mobile games with over 300 games by 150 different developers.
ICOs: Hype or New Paradigm?
The will not only help fund the Gamecredit’s Mobile Store marketing and branding efforts, but it will also gamify the platform through the use of Ethereum-based smart contract, allowing users to compete among themselves in a decentralized manner and to earn rewards and reputation while doing so.
The MobileGo token features some of the latest trends in the blockchain space such as dual-blockchain capabilities and a buyback program that will see the token supply decrease over time. The dual-blockchain functionality allows users to transfer tokens between the Ethereum and Waves blockchains through the use of technology.
However, the main aspect of these tokens are not their technical characteristics per se, but rather the function they serve within the platform. Although the GameCredit’s Mobile Store already features its own cryptocurrency, , Ivica Simatovic, CEO at GameCredits Inc, explained to Bitcoinist why a second token is necessary.
He said:
The MobileGO token will be used to provide many important features to Gamecredits Store based on smart contracts. In this store there will be 2 tokens: 1 for processing (Gamecredits) and another for tournaments, betting, virtual market place (MGO).
Not only that, but MobileGo will also reward customers with discounts, free entrance to VIP tournaments and access to private game beta stages.
“This store will be a unique and special place for gamers where they will receive services they can not find in other places,” adds Simatovic.
Money is Pouring into Crypto
Although ICOs are not new, they are certainly one of the in the world of investment. Not only has the global cryptocurrency market cap in May alone, millions and millions of dollars kept flowing into ICOs like MobileGo, Gnosis, Aragon,etc. with many more in the pipeline.
Although some have concerns regarding Initial Coin Offerings and the lack of regulation or guidelines, ICOs are providing new ways for entrepreneurs to get their projects off the ground, which wouldn’t be nearly as easy through banks and VC firms.
While undoubtedly uncharted territory, ICO are shaping the future of technology allowing developers to experiment with at will and to build decentralized and trustless applications, which were not possible before.
What’s your take on the current ICOs trend? Share your thoughts below!
