The Thai Securities Exchange Commission (SEC) recently announced the list of cryptocurrencies that can be used for investment in initial coin offerings (ICOs), which are also exchangeable with other digital assets through the services of digital exchanges. Currently, only Bitcoin, Ethereum, Ripple, and Stellar are licensed by the SEC.
However, the four cryptocurrencies listed by the SEC are only intended for investment in digital tokens in an ICO, as well as for traders in digital exchanges to compare value with other digital assets licensed in digital markets as base trading pairs, in accordance with the 2018 Royal Decree on Digital Asset Businesses.
The SEC also unveiled different criteria for approving cryptocurrencies. Factors taken into consideration include the crypto’s development, relevant news, and its movements. The regulator added that it will continue to update the list of endorsed cryptocurrencies.
The latest announcement from the SEC saw four cryptocurrencies that can be used as base trading pairs: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Stellar (XLM). Bitcoin Cash (BCH), Ethereum Classic (ETC), and Litecoin (LTC) were cut from the list.
Nonetheless, the announcement had little effect on investors and digital asset traders, as the regulator has yet to legalize ICOs. Moreover, no digital asset exchanges in the country have used BCH, ETC, or LTC as base trading pairs.
The SEC reiterated that the latest announcement on cryptocurrencies that can be used as base trading pairs is not an endorsement of cryptocurrencies as legal tender for goods and services.
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