3 New Coins Proclaimed ICO-Friendly in Thailand

March 4, 2019   Stellar

The Thailand SEC has just decided to expand its list of ICO friendly cryptocurrencies, adding three new coins. According to the regulator's decision, the coins are now allowed to be used in ICOs, as well as in trading pairs. The list of allowed coins now includes seven cryptocurrencies in total.

The old ones included Bitcoin (BTC), XRP, Ethereum (ETH) and Stellar (XLM). However, the list is now expanded to include Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). The decision to include additional cryptocurrencies likely came as a consequence of recognizing the limitations of the original four. Additionally, the investors were complaining regarding the lack of flexibility, and the demand for new coins was apparently large enough for the Thailand SEC to reconsider the list.

While the regulator is currently openly supporting seven cryptocurrencies, none of them have received legal tender status as of yet. The advancement of cryptocurrencies in countries around the world is still extremely slow, which makes the SEC's decision not to give them a legal tender status understandable.

Even so, Thailand's investors have just received three new SEC-approved coins in which they can invest, whether through ICOs or regular purchase. Furthermore, the new trading pairs will also likely be greeted with approval and excitement, as greater flexibility means more opportunities for investors and traders alike.

Is Thailand's SEC planning to issue advanced regulations?

Meanwhile, Thailand's NLA (National Legislative Assembly) approved the creation of tokenized securities. The decision came just after the changes to the Securities and Exchange Act, despite the fact that they will be enforced at a later date, but likely still in 2019.

Back in December, the SEC stated that there could be potential changes in the law, and to determine whether or not they are necessary, the regulator was planning a consultation exercise. However, the changes were aimed at making it easier to use ICOs for raising capital,

Even so, the positive stance towards cryptocurrencies is relatively new in Thailand, as the authorities were originally opposed to the crypto trend. There was also a lack of any supportive measures until they started following Japan's lead in terms of attempting to regulate the industry.

Now, after the support of three new coins, the number of SEC-approved cryptos has gone up to seven, which may be the regulator's attempt to prepare the groundwork for additional attempts at regulating the space.

While many of the approved coins come from Bitcoin's ecosystem, there is still an obvious lack of the newest addition to the Bitcoin family — BSV. Bitcoin SV is absent from the list, even though the coin has received a lot of support from promoters and investors alike. Many believe that this might change soon, although, if the SEC wanted to include it, they had an opportunity to do so with this latest move.

Still, the possibility of Bitcoin SV joining the list in the future still remains, and the investors could benefit from this addition, as the coin features faster transactions and lower fees.

In addition to the new crypto situation, Thailand's National Electronics and Computer Technology Center has recently announced that e-voting might soon be coming to the country as part of their newly-created blockchain system. If the project ends up being successful, the future elections in Thailand might be much more secure and efficient, and the same is true for any other country that decides to adopt a similar system.


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