Thailand Now Has 4 Approved Cryptocurrencies
Tuesday, March 5, 2019 IST
The Thai Securities and Exchange Commission (SEC) has announced a list of four approved cryptocurrencies for use as base trading pairs in the country. The regulator reportedly took into account factors such as sufficient market liquidity and a well-designed decentralized system.
4 Cryptocurrencies Approved
The Thai SEC announced on Thursday that Thailand now has four approved cryptocurrencies that can be legally used for investing in initial coin offerings (ICOs) and as base trading pairs against other cryptocurrencies. The SEC wrote:
Currently, there are four cryptocurrencies that can be used for base trading pairs. They are bitcoin (BTC), ethereum (ETH), ripple (XRP), and stellar (XLM).
However, the regulator clarified that approval does not make these coins legal tender that can be used to pay off debts.
The Bangkok Post explained that “The main criteria for cryptocurrencies the SEC has announced include sufficient market liquidity, a well-designed decentralised system and being able to use [in] a trading pair with other cryptocurrencies.” Noting that it took into account factors such as recent news surrounding these cryptocurrencies, the SEC said the list may be modified periodically.
This list replaces the previous one
announced in June last year, with some cryptocurrencies removed. The regulator emphasized that this change will not affect crypto investors or businesses in the country in any way because licensed exchanges are not currently using them as base trading pairs and no ICO has been approved for investments.
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