While the crypto markets are slowly maturing and becoming recognized across the globe, there are still vast differences in the way that each country handles them. Some are taking a more supportive stance and some are unfortunately not. Amongst all, the Thai regulator Securities and Exchange Commission (SEC) has removed BCH, LTC, and ETC from the list of accepted cryptocurrencies
Bitcoin, Ethereum, XRP, and Stellar Lumens have been reaffirmed
While the report has come to a shocker for the three coins that have lost support- BCH, LTC, and ETC- the report has reaffirmed support for Bitcoin, Ethereum, XRP, and Stellar Lumens. More specifically, the SEC has made it clear to specify that this support is referring to issuing tokens on top of those respective blockchains (ICOs) and using these cryptos as a base pair for trading at exchanges. Meaning, that it is now illegal to issue an ICO on the Litecoin blockchain and exchanges are banned from allowing pairs like ETC/XXX.
Although the ban has come in it is less likely to have a real-time impact as of the three cryptos that have seen support removed, none of them are currently being used for ICOs nor are they being used by exchanges as a base currency. Overall, Thailand has been a fairly small market for cryptos so in any case, the impact of this announcement of the coin prices would be really negligible.
But what’s interesting here is that even after being a small market the, Thai regulator has actually doe their homework and getting into specific cryptos almost like an investor might.
Only time will tell if this strategy will pay off but what is clear is that they may be creating more work for themselves as they may need to update the status of individual coins based on market forces. Should any single crypto asset gain or lose ground in the market, they could be forced to update their policy. Also, they’ve only weighed in on 7 cryptos, leaving the rest with a big question mark.
Will other countries all go the Thai way of individual coin regulation? Do let us know your views on the same.