The Thai SEC (Securities and Exchange Commission) has yesterday (i.e Feb 28, 2019) published a new report concerning the eligible and banned cryptocurrencies for ICO investments and trading pairs.
Although the trading volume on Coinmarketcap lists Bitcoin as the first largest cryptocurrency followed by ETH, XRP, EOS, LTC, BCH, USDT, XLM, TRON, BNB and etc..respectively – but the route for SEC Thailand is quite different.
Eligible Cryptocurrencies for ICO Investment
Per the official announcement, entitled ‘SEC updates list of cryptocurrencies eligible for investments in ICOs and base trading pairs’, it has highlighted that the eligible cryptocurrencies of initial coin offering (ICO) investments are finalized as four crypto assets – these including – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Stellar (XLM). Beside ICO investments, these cryptocurrencies are also made eligible as base trading pairs for value comparison on ‘digital asset exchange;.
With this notice, the announcement notes that;
In any case, it should be noted that the announcement of such a cryptocurrency list is not a certification of their legal tender status.
Banned Cryptocurrencies for ICO Investment
The eligible cryptocurrency list will be periodically updated – the blog reads. Additionally, while SEC finalized the eligible assets, it had also shared the ones that have been presently banned to be considered for ICO investment. Consequent to the reports, Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC) has been removed from the list means that these will not be used to invest in ICO projects.
As an assurance to the users, SEC had also informed;
In any case, the list update 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 BCH, ETC or LTC as base trading pairs.
On top of all, the Thai SEC also publicized that these eligible currencies shouldn’t be considered as the certification of their legal tender status. Conclusively, it added;
It should be noted that the announcement of the cryptocurrencies for base trading pairs is not a certification of their legal tender status or other legal statuses, nor is it a certification of any kind related to such cryptocurrencies.
So readers, what’s your stake on Thai SEC’s decision regarding the eligible and banned cryprocurrencies for ICO investments? Let us know your thoughts
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com