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Thailand Passes Cryptocurrency Legislation, Legalizes Just Seven Cryptocurrencies

View of Loh Samah Bay

Thailand’s Securities and Exchange Commission (SEC) has officially released long-awaited details of new cryptocurrency regulations, which will see just seven digital currencies legalized for use in the country.

Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCC), Litecoin (LTC), Ripple (XRP), Ethereum-Classic (ETC) and Stellar (XLM) are marked for approval by the government.

Further legislation regarding brokerage firms, exchanges, distributors and ICOs will be also be enacted. All regulations are set to take effect later this month.

All cryptocurrency-related companies must register with the SEC for a license. Initially, ten companies are expected to apply,, mostly made up of brokers, dealers and exchanges. Only companies registered in Thailand may apply for licenses.

“Every market participant includes ICO issuers, digital currency exchangers, brokers and dealers dealing with digital currency transactions. [They] must be registered with the SEC within 90 days of the effective date. Participants must be approved by the Ministry of Finance to operate a digital asset business.” a statement reads.

All ICOs must be also be approved by the SEC, and only those with a registered capital of at least 5 million baht (approx. US$156,000) will be considered. All ICOs must operate in that phase for at least one year.

It should be highlighted that no privacy-focused cryptocurrencies have been set for legalization, a move that echoes Japan’s recent bans on the trade of anonymity coins such as Monero (XMR).

Image From Shutterstock

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