Thailand SEC Announces Cryptocurrency Regulations: 7 Allowed Coins

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The Securities and Exchange Commission of Thailand has announced its plans to regulate cryptocurrencies through the monitoring of initial coin offerings (ICOs), licensing requirements and fees.

At the onset there will only be seven permitted cryptocurrencies.  These include bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, ripple, and stellar.

“Some of the main criteria used by the SEC to assess cryptocurrency trading pairs,” the news outlet detailed, are the “consensus credibility and cryptocurrency liquidity.” Thai Rath publication added that these seven cryptocurrencies are approved because they do not promote privacy.

Last month, Thailand’s Revenue Department announced that it will waive the 7% value-added tax for individual cryptocurrency investors.

This week, looked at the potential of Thailand residents to bet the upcoming FIFA World Cup online using bitcoin and other cryptocurrencies has been operating from the country and is considered to be among the most convenient ways to buy and sell bitcoin.

Business/Financial News

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