Thailand Now Has 4 Approved Cryptocurrencies

Thailand Now Has 4 Approved Cryptocurrencies

The Thai Securities and Exchange Commission (SEC) has announced a list of four approved cryptocurrencies for use as base trading pairs in the country. The regulator reportedly took into account factors such as sufficient market liquidity and a well-designed decentralized system.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

4 Cryptocurrencies Approved

The Thai SEC announced on Thursday that Thailand now has four approved cryptocurrencies that can be legally used for investing in initial coin offerings (ICOs) and as base trading pairs against other cryptocurrencies. The SEC wrote:

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 make these coins legal tender that can be used to pay off debts.

The Bangkok Post explained that “The main criteria for cryptocurrencies the SEC has announced include sufficient market liquidity, a well-designed decentralised system and being able to use [in] a trading pair with other cryptocurrencies.” Noting that it took into account factors such as recent news surrounding these cryptocurrencies, the SEC said the list may be modified periodically.

This list replaces the previous one announced in June last year, with some cryptocurrencies removed. The regulator emphasized that this change will not affect crypto investors or businesses in the country in any way because licensed exchanges are not currently using them as base trading pairs and no ICO has been approved for investments.

Approved Crypto Exchanges

Thailand currently has three licensed crypto exchanges and one broker-dealer. In January, the SEC started issuing licenses to crypto companies that had been 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 approved broker-dealer is Coins Th Co. Ltd.

The applications for crypto exchange licenses filed by Cash2coin Co. Ltd., Southeast Asia Digital Exchange Co. Ltd. (Seadex), and Coin Asset Co. Ltd. were rejected. However, the SEC noted that “The application rejection this time does not invalidate their right to apply for a digital asset business licence in the future.”

Recently, Bitpoint Japan announced that it had obtained four licenses from the Thai SEC to operate Bitherb exchange, its Thai subsidiary co-founded with Asia Herb Association Bangkok Co. Ltd. Bitherb “will begin to operate after [the] SEC inspects the company within 180 days after license acquisition (by July 30th, 2019),” a representative of Bitpoint Japan told news.bitcoin.com.

What do you think of the Thai SEC approving four cryptocurrencies? Let us know in the comments section below.

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Kevin Helms

A student of Austrian Economics, Kevin found bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Published at Fri, 01 Mar 2019 08:03:35 +0000