Thailand Now Has 4 Approved Cryptocurrencies
The Thai Securities and Exchange Commission (SEC) has announced a list of four authorized cryptocurrencies for usage as base trading pairs in the nation. The regulator supposedly took into account elements such as adequate market liquidity. The Thai SEC announced on Thursday that Thailand now has four authorized cryptocurrencies that can be legally used for buying initial coin offerings (ICOs) and as base trading sets versus other cryptocurrencies. The SEC composed:
Currently, there are four cryptocurrencies that can be used for base trading pairs. They are bitcoin (BTC), ethereum (ETH), ripple (XRP), and stellar (XLM).
However, the regulator clarified that approval does not necessarily make these coins legal tender that can be utilized to pay off financial obligations.
The Bangkok Post explained that “The main criteria for cryptocurrencies the SEC has announced consist of sufficient market liquidity, a well-designed decentralized system and having the ability to utilize [in] a trading pair with other cryptocurrencies.” Keeping in mind that it considered aspects such as recent news surrounding these cryptocurrencies, the SEC stated the list might be modified periodically.
This list replaces the previous one announced in June last year, with some cryptocurrencies eliminated. The regulator emphasized that this modification will not affect crypto financiers or organizations in the country in any way due to the fact that licensed exchanges are not presently using them as base trading pairs and no ICO has been approved for investments.
Approved Crypto Exchanges
Thailand currently has three certified crypto exchanges and one broker-dealer. In January, the SEC started providing licenses to crypto business that were in business prior to the regulation taking effect in May last year. The three approved exchanges are Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). The only accepted broker-dealer is Coins Th Co. Ltd.
The applications for crypto exchange licenses submitted by Cash2coin Co. Ltd., Southeast Asia Digital Exchange Co. Ltd. (Seadex), and Coin Asset Co. Ltd. were declined. However, the SEC noted that “The application rejection this time does not invalidate their right to look for a digital asset business license in the future.
“Recently, Bitpoint Japan announced that it had gotten four licenses from the Thai SEC to run Bitherb exchange, its Thai subsidiary co-founded with Asia Herb Association Bangkok Co. Ltd. Bitherb “will begin to run after [the] SEC examines the business within 180 days after license acquisition (by July 30th, 2019),” an agent of Bitpoint Japan told news.Bitcoin.com.
Thailand’s SEC Actually REMOVED Bitcoin Cash (BCH), Litecoin (LTC) And Ethereum Classic (ETC) From Crypto’s Eligible For ICO Fundraising
Reports have actually been circulating on the internet that the Thai Securities and Exchange Commission (SEC) has approved the Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH) tokens as base pairs for trading, and for ICO fundraising.
Nevertheless, what has actually transpired is the specific opposite as the Thai SEC has in fact removed these tokens from the list of ICO investments and base trading pairs.
The official news release by the body says:
This latest update has resulted in the total of four cryptocurrencies for ICO investments and base trading pairs, namely (1) Bitcoin (BTC), (2) Ethereum (ETH), (3) Ripple (XRP) and (4) Stellar (XLM). Also, three other cryptocurrencies have been removed from the list, namely (1) Bitcoin Cash (BCH), (2) Ethereum Classic (ETC) and (3) Litecoin (LTC). In any case, the list update has no impact on investors or digital asset businesses because so far no ICO has been launched and the operating digital asset exchanges have never used BCH, ETC or LTC as base trading pairs.
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