September 21, 2020

Thailand introduces a ban on the use of Bitcoin Cash, Litecoin, Ethereum Classic in ICO

Thailand introduces a ban on the use of Bitcoin Cash, Litecoin, Ethereum Classic in ICO

The Thai Securities and Exchange Commission (SEC) has banned the use of Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum Classic (ETC) in as part of the initial coin offerings (ICO) and as a base pair on cryptocurrency exchanges. The Thai SEC published this information on its website on Thursday (February 28, 2019).

The excerpt reads:

“The last update wascryptocurrencies are installed that are available for use as part of investments in ICOs and base trading pairs, namely (1) Bitcoin (BTC), (2) Ethereum (ETH), (3) Ripple (XRP) and (4) Stellar (XLM). In addition, three other cryptocurrencies were removed from the list, namely: (1) Bitcoin Cash (BCH), (2) Ethereum Classic (ETC) and (3) Litecoin (LTC). ”

After the announcement, BCH, LTC and ETC morecannot be used in the ICO process. In addition, these cryptocurrencies in the country cannot be used as base pairs for trading with other virtual currencies.

In May 2018, the country's regulatory authorities begantake steps to create clear rules for the Thai cryptocurrency market. Back in August 2018, it was reported that about 50 ICO projects declared their interest in obtaining licenses from the SEC.

Regarding creating reliableRegulatory framework for cryptocurrencies, the Thai SEC also intends to update reporting standards for cryptocurrency companies. Today, on Friday, the regulator issued a statement calling on stakeholders to provide information related to the activities of cryptocurrency brokers and exchange platforms.

According to a press release, the SEC is asking themtransaction data and profile data. These transactions include trading volume, deposits, withdrawals, etc. Regarding profile data, the Thai SEC says she is interested in wallet addresses, account numbers, and other information about token issuers.

Commenting on the need for a standard set of rules for presenting data in the industry, SEC Thailand said:

“A standardized database will not be usefulonly to supervise a business with digital assets, but it will also facilitate cooperation between business operators and the SEC to optimize the use of relevant data to create a clear picture of the entire digital asset industry, drawing up a plan for the development of the digital asset market, as well as solving problems and preventing risks. ”

According to the announcement, all interested parties can submit their opinions on this issue until March 13, 2019.