Thai SEC Prohibits Three Cryptocurrencies to Be Used for ICO Investments, Trading Pairs

Thailand’s Security and Exchange Commission (SEC) has prohibited several cryptocurrencies to be utilized in ICO investments and as a base in trading pairs.

The country’s financial markets regulator issued rules in July 2018, requiring all entities wanting to hold a token sale to apply first for approval. The SEC stated at the time that only the baht and seven digital currencies can be used to invest in ICOs—bitcoin (BTC), litecoin (LTC), XRP, ether (ETH), ether classic (ETH), bitcoin cash (BCH), and stellar (XLM).

In a February 28 announcement, the SEC stated it has now removed ether classic, bitcoin cash, and litecoin from the list of allowed cryptocurrencies. Thus, only the four remaining digital currencies are eligible, with a notice that the list is “not a certification of their legal tender status.”

While it mentioned that it has taken into account several factors like news related to tokens, the regulator did not disclose further details why the list has been reduced.

“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,” the SEC said.

The watchdog further stated it comes up with the list of permitted cryptocurrencies in accordance with Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

Meanwhile, Thailand’s National Legislative Assembly approved an amendment last week to the Securities and Exchange Act allowing the legal issuance of tokenized securities such as bonds and stocks.