Thailand’s Securities and Exchange Commission banned bitcoin cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) from eligibility for initial coin offerings, investments, and base trading pairs against other cryptocurrencies traded on digital asset exchanges.

Bitcoin, Stellar, Ripple, Ethereum Approved

In a February 28 notice, the Thai SEC — which is the country’s capital markets authority — announced that it approved these four cryptocurrencies for investments, ICOs, and base trading pairs:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Stellar (XLM).

Criteria Included Liquidity, Decentralization

The regulator noted that its ban list “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 bitcoin cash, Ethereum Classic, or Litecoin as base trading pairs.”

The agency said it made its eligibility selection based on cryptocurrency developments and news.

The Thai SEC previously said its main criteria are market liquidity, a robust decentralized system, and being able to use a trading pair with other cryptocurrencies, according to the Bangkok Post.

Thailand Moves to Embrace Bitcoin

Thailand is quickly emerging as one of the major players in the burgeoning Southeast Asian cryptocurrency industry.

In July 2018, Thailand’s SEC introduced a regulatory framework for initial coin offerings (ICOs). Under the rules, ICO issuers must be companies based in Thailand with minimum registered capital of 5 million baht (roughly USD $157,000).

The rules announced in July are part of a wider embrace of crypto in Thailand. In April 2018, Thailand’s finance ministry proposed a flat 15% withholding tax rate for capital gains on cryptocurrency trading and investments.

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