Thai SEC updates list of crypto assets for trading and ICOs

March 13, 2019

The Thai Securities and Exchange Commission (SEC) has updated its list of cryptocurrencies eligible for initial coin offerings (ICOs) or value comparison as base trading pairs against other cryptos traded on digital asset exchanges. The latest list comprises Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM).

Three other cryptocurrencies have meanwhile been removed from the list, namely Bitcoin Cash (BCH), Ethereum Classic (ETC), and Litecoin (LTC).

Nevertheless, the list update has had no impact on investors or digital asset businesses, as no ICO has so far been launched and operating digital asset exchanges have never used BCH, ETC or LTC as base trading pairs.

The SEC also specified that the list does not grant any cryptocurrency the status of legal tender. The list will be updated periodically.
Additionally, Thailand’s National Legislative Assembly has amended the Securities and Exchange Act to allow for the issuance of tokenized securities, with the changes to come into effect later in 2019.
The purpose of providing the list of eligible digital currencies is to allow their use for investment in digital tokens through ICOs, and as base trading pairs against other crypto assets traded on digital exchanges in compliance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

Under Thai law, digital assets are classified as cryptocurrencies and digital tokens. Digital asset businesses are business activities of a digital asset trading center, digital asset brokerage, digital asset trader, and other activities related to digital assets to be prescribed by the Minister of Finance, per recommendation of the SEC.

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