Business

Ed Drake

Update: Thai SEC bans Bitcoin Cash, 2 other cryptos for ICOs, trading pairs

Contrary to initial reports, the Securities and Exchange Commission (SEC) of Thailand has banned three cryptocurrencies for use in initial coin offerings (ICOs) and trading pairs in the country.

The regulator, which has responsibility for overseeing the securities markets in Thailand, including cryptocurrencies and ICOs, updated the list of permitted cryptocurrencies. Earlier reports, quoting a roughly translated press release from the Thai regulator, noted that the list now includes Bitcoin Cash (BCHABC), Litecoin (LTC) and Ethereum Classic (ETC).

However, an official English version of the SEC statement clarified that the current list is still comprised of four cryptocurrencies—Bitcoin Core (BTC), Ripple (XRP), Ethereum (ETH), and Stellar (XLM).

According to the securities regulator, “…three other cryptocurrencies have been removed from the list, namely (1) Bitcoin Cash [BCHABC], (2) Ethereum Classic (ETC) and (3) Litecoin (LTC).”

It noted, “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 [BCHABC], ETC or LTC as base trading pairs.”

The SEC stopped short of giving legal tender status to any of the cryptocurrencies it supports, with a statement reasserting that none of the cryptocurrencies on the list were considered legal tender. Nevertheless, the decision means ICOs and their investors can be more flexible around the cryptocurrencies they use to raise capital in the country.

Thailand’s National Legislative Assembly gave approval to tokenized securities to be issued on the blockchain following changes to the Securities and Exchange Act which are set to come into force later this year.

The SEC announced in December it was planning a consultation exercise around further possible changes in the law, which could make it easier to raise capital through ICOs in future.

Originally opposed to measures supportive of the cryptocurrency, authorities in Thailand have been following Japan’s lead in moving towards a system of government regulation for the industry.

The Thai SEC notes that the list “will be updated periodically.” Currently, Bitcoin SV (BSV) is not yet included within the list of permitted cryptocurrencies. But with growing calls for BSV support from crypto investors and promoters, it’s only a matter of time before it gets added to the list. Bitcoin SV offers lower fees and faster transaction times while being designed for transactions at mass scale.

The news comes weeks after the Thai National Electronics and Computer Technology Center announced a new blockchain system for e-voting, which it expects to lead to more efficient, secure elections in future.

Editor’s note: A roughly translated Thai SEC press release was misquoted to state that the regulator added Bitcoin Cash ABC (BCHABC), Litecoin (LTC) and Ethereum Classic (ETC) to its list of permitted cryptocurrencies. The article has been corrected based on information from the official English press release.

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