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Thailand SEC Approves Four Cryptocurrencies

March 01, 2019 14:18
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The Securities and Exchange Commission (SEC), Thailand has announced four cryptocurrencies that can be eligible for Initial Coin Offerings (ICO) investment or as base cryptocurrencies to be traded against other cryptocurrencies on exchanges.

Currently, the four cryptocurrencies that have been approved by the SEC namely, bitcoin (BTC), ethereum (ETH), Ripple (XRP) and Stellar (XLM). In a press release, the SEC said, “The SEC provides the list of eligible cryptocurrencies to allow the cryptocurrencies to be used for investment in digital tokens through ICO process and as base trading pair against other digital assets traded on digital asset exchanges in compliance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2019). Key factors taken into consideration regarding the cryptocurrencies on the list include relevant developments and news, as well as other important factors related to cryptocurrencies. The list will be updated periodically.”

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However, as a caveat, the regulatory body stated 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.

Earlier this year, the SEC had announced that it approved the licenses of four cryptocurrency exchanges and rejected two. It had said, “The four applicants granted a licence are three digital asset exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX) (website: bx.in.th), (2) Bitkub Online Co., Ltd. (BITKUB) (website: bitkub.com), and (3) Satang Corporation (Satang Pro) (website: satang.pro) – and one cryptocurrency broker and dealer Coins TH Co., Ltd. (website: Coins.co.th).”

Talking about the two exchanges, the regulatory body had rejected, it had said, “The two rejected applicants are Cash2coin Co., Ltd. (website: cash2coins.com) and Southeast Asia Digital Exchange Co., Ltd. (SEADEX) (website: seadex.io), both applying for a digital asset exchange licence. The applicants failed to meet the approval criteria regarding important work systems. For example, the systems for custody of client assets and Know Your Customer (KYC) were inconsistent with the SEC’s acceptable standards, while the sufficiency of their IT security and cyber security systems could not be verified.”

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