Thailand Bans ICOs From Using Bitcoin Cash, Litecoin and Ethereum Classic

Thailand’s Safety and Trade Commission (SEC) has banned Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (And so on) for use by First Coin Choices (ICOs) in fundraising and as foundation pair on cryptocurrency trade platforms.

Bitcoin Cash, Litecoin, and Ethereum Common Blacklisted

Opposite to reviews producing the rounds on the cryptocurrency news circuit, regulators in Thailand have taken out a few cryptocurrencies from the record of accepted tokens for ICO fundraising and virtual forex trading. The Thai SEC announced the news in a press release published on its internet site on Thursday (February 28, 2019).

An excerpt from the assertion reads:

This most up-to-date update has resulted in the complete of 4 cryptocurrencies for ICO investments and base trading pairs, particularly (1) Bitcoin (BTC), (2) Ethereum (ETH), (3) Ripple (XRP) and (4) Stellar (XLM). Also, a few other cryptocurrencies have been taken off from the listing, particularly (1) Bitcoin Dollars (BCH), (2) Ethereum Common (Etcetera) and (3) Litecoin (LTC).

Pursuing the announcement, BCH, LTC, and And so forth are no for a longer time eligible for use in ICOs. Also, cryptocurrency trade platforms in the state cannot use as foundation pairs for trading other virtual currencies.

The statement did not give any rationale for removal of these a few cryptocurrencies but said that its determination did not amount to an endorsement or repudiation of any crypto. Also, the Thai SEC maintained that its choice would have no influence on investors judging from the point that crypto exchanges in the region do not list the blacklisted tokens as foundation pairs and ICOs were being however to consider off in the place.

Back again in August 2018, Bitcoinist described that about 50 ICO projects experienced signaled interest in obtaining licenses from the SEC. From May 2018, regulators in the place started to take methods to produce obvious-minimize polices for Thailand’s cryptocurrency industry.

Thailand: SEC Would like Standardized Details Submission

Regarding the establishment of a strong regulatory framework for cryptocurrencies, the Thai SEC is also set to revamp the reporting criteria for cryptocurrency enterprises. The regulatory watchdog issued a push statement on Friday (March 1, 2019) contacting on stakeholders to deliver enter on a proposed standardized established of guidelines for data submission by cryptocurrency brokers and trade platforms.

According to the push launch, the SEC requires two details classes – transaction information and profile details. Transaction details will encompass investing volume, deposits, withdrawals, and selling price amongst other individuals. For profile details, the Thai SEC suggests it is intrigued in wallet addresses, account figures, and other information about token issuers.

Commenting on the require for a common established of regulations for data submission in the field, the Thai SEC reported:

A standardized databases would not only profit the supervision of electronic asset businesses but would also promote cooperation between enterprise operators and the SEC in optimizing the use of applicable knowledge to generate a very clear photograph of the overall electronic asset marketplace, laying out electronic asset industry development strategy, as properly as fixing problems and protecting against threats.

The Thai SEC states stakeholders have right up until March 13, 2019, to submit their views on the make any difference.

Why do you think the Thailand blacklisted these a few cryptocurrencies? Enable us know your views in the opinions below.

Image courtesy of Twitter (@ThaiSEC_News), Shutterstock