While big names like Bitcoin are having trouble with US based SECs, Thailand might be ready for more progressive moves as per a press release on the 28th of February, the Thai Securities and Exchanges Commission has approved four cryptocurrencies namely, Bitcoin, Ripple, Ethereum and Stellar.
These updated cryptos are now eligible to be traded with other digital assets on digital exchanges. The best part of this approval from the Thai SEC’s side, is how the Asian economy is also fast moving towards a greater understanding of cryptocurrencies and their regulation.
According to the press release, the list was not an announcement of the approved crypto’s legal certification and that factors which lead to their approval included a true decentralized system and adequate market liquidity.
Previously according to the Bangkok Post, the Thai government issued an amendment to their Securities and Exchange Act that ensures that assets such as bonds and stocks could soon be traded and issued via blockchain technology. According to Thai SEC deputy secretary-general Tipsuda Thavaramara the tokenization will be implemented this year in 2019.
The press release not only added four cryptos but also removed three others that were previously on the list, i.e, Bitcoin Cash, Litecoin and Ether Classic as they failed to meet the SEC’s requirements. It also stated that this decision should not effect digital asset organizations using the now removed cryptos as no registered exchange has used these yet.
The release makes it a point to include the fact that updating the four new crypts in no way means that they are providing them with legal certification, however it does mean that the Thai government is lending greater credibility to the role of digital tokens as a base trading pair against other digital assets.
Back in 2018, things were looking good for digital currencies in the country as the Thai SEC approved several exchanges with the likes of Bitcoin Co.,, Cash2coins, Satang Corporation, Bitkub Online Co. Ltd, Coin Asset Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd.
