Thai SEC updates list of cryptocurrencies eligible for investment in ICOs

The Securities and Exchange Commission of Thailand has said that bitcoin cash (BCH), ether classic (ETC) and litecoin (LTC) have been removed from the list of eligible cryptocurrencies

What has happened?

The Thai Securities and Exchange Commission (SEC) has updated its list of cryptocurrencies eligible for initial coin offering (ICO) investment or value comparison as base trading pair against other digital assets traded on digital asset exchange.

What does this mean?

In a news release, the SEC has said that bitcoin cash (BCH), ether classic (ETC) and litecoin (LTC) have been removed from the list of eligible cryptocurrencies.

As a result, the only permitted cryptocurrencies are now bitcoin (BTC), ethereum (ETH), ripple (XRP) and stellar (XLM), although the list should not be perceived as "a certification of their legal tender status".

"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 regulator said it had made the decisions based on various factors, such as relevant developments and news.

The SEC said it provides the list to allow the cryptocurrencies in compliance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2019).

The list will be updated periodically.

Next steps

If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

Contacts
Mark Parsons
Partner
Hong Kong

 

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