The Securities and Exchange Commission of Thailand has unveiled the details of the country’s regulatory framework for cryptocurrencies and initial coin offerings, including licensing requirements, fees, and a list of seven approved cryptocurrencies.
The Thai Securities and Exchange Commission (SEC) announced on Friday the details of the country’s cryptocurrency and initial coin offering (ICO) regulations. The measures were approved at the regulator’s June 7 meeting and are expected to go into effect later on this month, according to local media. “The proposed approach has been through public hearings in several channels,” MGR Online wrote.
According to SEC deputy secretary-general Tipsuda Thavaramara, the Commission’s regulatory scope includes ICOs, crypto exchanges, brokerage firms, dealers and other parties permitted by the Finance Ministry, the Bangkok Post reported, adding that initially:
The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, ripple, and stellar.
“Some of the main criteria used by the SEC to assess cryptocurrency trading pairs,” the news outlet detailed, are the “consensus credibility and cryptocurrency liquidity.” Thai Rath publication added that these seven cryptocurrencies are approved because they do not promote privacy.
According to the Bangkok Post, the SEC expects about 10 firms to apply for licenses, half of which will be crypto exchanges and the rest crypto brokers and dealers. Citing that crypto exchanges have until August 14 to apply for licenses, the news outlet elaborated:
All market participants, including ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions, are required to register with the SEC within 90 days of the effective date…The participants must also receive the Finance Ministry’s approval to conduct digital asset business.