BCH, ETC And LTC Banned In Thailand From ICO Eligibility And Trading Pairs

The Securities and Exchange Commission of Thailand banned Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic (ETC) according to the latest crypto news coming from Thailand. The SEC banned the cryptocurrencies from eligibility for initial coin offerings, base trading pairs against other cryptocurrencies and investments.

The Thai SEC did, however, announced the approval of four cryptocurrencies for base trading pairs and ICOs such as Bitcoin, Ethereum, Stellar and Ripple.

The regulator stated that the ban list has no impact on investors since no ICO has been launched and because the crypto exchanges have never used the banned cryptocurrencies mentioned above. The regulator also previously stated that the main criteria are a decentralized robust system but also market liquidity in order to be able to use trading pairs with other cryptocurrencies.

Thailand is quickly becoming a key player in the Southeast Asian crypto industry since the SEC introduced back in 2018 a regulatory framework for initial coin offerings. Under this framework, ICO issuers must be based in Thailand with a registered capital of 5 million baht.

Also in 2019, the Stock Exchange of Thailand declared its plans to apply for digital asset operating license because the stock exchange wants to become an authorized crypto exchange by the end of this year.

The vice chairwoman of the SET’s board of governors Pattera Dilokrungthirapop explained that there are many Thai securities firms that are extremely interested in becoming certified broker-dealers:

‘’Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.’’