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ARTICLE · 07 MAY 2024

Thailand Amends ICO Regulation

Tilleke & Gibbins
Tilleke & Gibbins
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Tilleke & Gibbins

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On March 25, 2024, Thailand's Securities and Exchange Commission (SEC) published an amendment to its Notification re: Public Digital Token Offering to strengthen governance...

ThailandMedia, Telecoms, IT, Entertainment
Pornpan Wichawut
Pornpan Wichawut
Napassorn Lertussavavivat
Napassorn Lertussavavivat
Rujaporn Paritsantik
Rujaporn Paritsantik
Athistha (Nop) Chitranukroh
Athistha (Nop) Chitranukroh
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On March 25, 2024, Thailand's Securities and Exchange Commission (SEC) published an amendment to its Notification re: Public Digital Token Offering to strengthen governance for initial coin offerings (ICOs). The amendments took effect on April 16, 2024, and reflect the SEC's commitment to creating a safer and more transparent ICO environment, enhancing investor protection, and building confidence in ICOs as a fundraising tool.

The key changes are outlined below:

New Checks and Balances Requirements

The new regulations require digital token issuers to implement checks and balances to protect investor rights—including an annual audit requirement and measures to prevent and manage conflicts of interest. These measures must be clearly disclosed in the ICO filing documents. In addition, certain project-related decisions must be approved by the issuer's board of directors, which is also responsible for the accountability of such decisions.

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