The Thai government is now accepting additional cryptocurrencies for use in Initial Coins Offerings (ICOs) and as basic trading partners. Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH) are included in the list with the official statement of the Securities and Exchange Commission (SEC) dated 28.02.19. Previously, Thailand approved the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM).
Bitcoin (BTC) and Co. are regulated in Thailand
All cryptocurrencies listed are in compliance with the national regulations of the country. However, the SEC reiterated that none of the above-mentioned cryptocurrencies are considered legal tender. The resolution is in accordance with the Royal Decree on Digital Asset Business BE 2561.
Thailand is slowly moving its policy towards cryptocurrency announcing a public hearing in December last year. It was about removing the barriers to participation in ICOs and the general protection of investors. The SEC hopes that private ICOs can take place in the future without the required registration and prospectus templates.
Thailand is looking for possible use cases for Blockchain
A recent amendment to the Securities and Exchange Act also allows tokenised securities such as stocks and bonds to be issued via a blockchain. Thailand is well on the way to adapting Bitcoin and Co. In addition, many companies now have the ability to integrate crypto currencies into their business model.
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