FILE - In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. Thailand’s cabinet has agreed to draft a law to regulate cryptocurrency trading, seeking to tax the largely unregulated market. Government spokesman Nathporn Chatusripitak said Tuesday the Ministry of Finance also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud. (AP Photo/Rick Bowmer, File)
INITIAL coin offerings (ICOs) are really in a grey area.
It’s not expressly forbidden by the Securities Commission (SC) but neither is fund-raising through ICOs allowed. When asked about the matter at a media briefing following the release of the SC’s 2017 annual report, SC chairman Tan Sri Ranjit Ajit Singh said ICO players must seek clarification before raising funds, or they may breach securities laws.
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