- The Thai SEC has updated its list of tradable assets with three cryptos added
- The three new cryptos are BCH, ETC, and LTC
As the crypto community in the United States waits patiently for a decision from the Securities and Exchange Commission (SEC) regarding the much-pursued ETF, the SEC in Thailand has made a new announcement regarding the types of cryptocurrencies that are considered tradable assets in the country.
Before now, Bitcoin, Ethereum, Ripple, and Stellar were the only tokens that were allowed to be used as initial coin offering (ICO) investments and trading pairs. Now, Bitcoin Cash, Ethereum Classic and Litecoin will be joining the list.
Thailand ahead of the curve on regulation
The crypto industry in Thailand has steadily been making progress, especially in the last year. On February 22, 2019, Thailand’s National Legislative Assembly officially permitted the tokenization of assets on blockchain and it is expected that the Securities and Exchange Act will be adjusted to that effect.
It is also expected that the Thai Securities and Exchange Commission will put measures in place so that a securities depository license will be given to crypto platforms.
Despite the addition of these new currencies to the list, the commission made it clear that it was not an indication of their status as legal tender.
“It should be noted that the announcement of the cryptocurrencies for base trading pairs is not a certification of their legal tender status or other legal statuses, nor is it a certification of any kind related to such cryptocurrencies,” the press release said.
ICOs a hot button issue
Initial Coin Offerings are an aspect of cryptocurrency that has seen a mixed reception from governments around the world. In places like the United States, they are fully allowed by the law but in the past, the SEC has been forced to shut down dozens due to them being unregistered or fraudulent.
In South Korea, Initial Coin Offerings have been banned altogether by the government with no immediate signs of change. This is mostly due to a lack of trust for ICOs on the part of the South Korean government and this might also explain who the Thai government is being so cautious.
With this move by the Thai government, ICOs will likely see a boost, especially once the new laws go into effect.