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Thai SEC Forbids To Make Investment In BCH, ETC, And LTC

17:10 04/03/2019
Thai SEC Forbids To Make Investment In BCH, ETC, And LTC

The Thai financial regulator banned three digital currencies as a means of investment, as reported in its statement. Traders in this jurisdiction will not be able to invest in initial coin offerings (ICOs) and similar projects using Bitcoin Cash, Ethereum Classic, and Litecoin, as well as to buy other tokens for these.

 

Since July 2018, there has been a state law that allows investing in ICOs in the national currency (baht) or some cryptocurrencies. This list initially included seven items, among which there were bitcoin, ether and their forks BCH and ETC, as well as LTC, XRP, and XLM.

 

However, last week, the SEC of Thailand announced the decision to remove BCH, ETC, and LTC from the list of legitimate funds for investment. However, the remaining four cryptos did not receive the status of legal tender, the report notes.

 

The Commission does not explain the reason it banned three assets at once. While drawing up the list, the agency relies on various factors, such as current news from the cryptocurrency world or new developments. Also, the regulator promises to update the list periodically.

 

It is noted that the decision did not affect Thai investors or crypto companies since no tokensale has been held in the state yet. Moreover, the banned digital assets have never been used on local exchanges as basic trading pairs.

 

As follows from the royal decree, the Thai SEC is responsible for the regulation of any activity connected with cryptos and ICOs in the state. In late 2018, the regulator decided to soften the requirements for initial coin offerings — in particular, to allow the sale of tokens without submitting a registration application and plan of the campaign.

 

Previously, a Californian court closed a startup which counterfeited the SEC’s seal.

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