Government Opinion

Thailand expands the list of allowed cryptos when investing in ICOs and trading

The Securities and Exchange Commission in Thailand has expanded the list of allowed cryptos when investing in ICOs and trading on cryptocurrency platforms.

Previously, the list of allowed cryptos released by the Thai financial watchdog had only four cryptos to be used when investing in initial coin offerings. They were Bitcoin (BTC), Stellar (XLM), Ethereum (ETH), and Ripple (XRP). After the expansion, the list of allowed cryptos now includes Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC).

In an announcement posted on the commission’s website:

The list of cryptocurrencies which the SEC announced is for the purposes of allowing cryptocurrencies to be invested in digital tokens. …As well as for digital asset trading center operators to be able to compare the value with other digital assets registered in the base trading pair. The inclusion of a cryptocurrency as a base trading pair is not a guarantee [of it] being a legal tender.

In the recent past, Thai lawmakers passed an amendment bill allowing securities to be tokenized and issued on the blockchain.

Thailand is also working on adopting an e-voting system that will make use of the distributed ledger technology. This system will become active once the country upgrades from fourth-generation networks to fifth generation networks.

Late last year, Thailand’s Securities and Exchange Commission noted that it will conduct a public hearing as it seeks to relax regulations around initial coin offerings.

As reported by the Bangkok post:

The existing regulations are barriers for ICOs fundraising in practice, so the SEC plans to relax certain rules for digital token sales made through a private placement to specific investor groups. The intention is to allow private digital token sales to proceed without the need to submit registration statements and draft prospectus.

Do you think the Thai SEC will continue to expand the list of allowable cryptos as it slowly embraces digital currencies and ICOs?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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