It's not every day that you see a securities market regulator in our time display a great understanding of what cryptocurrencies are and which ones are the best in terms of performance and liquidity.
Interestingly, the Thai Securities and Exchanges Commission (SEC) are defying these odds and could continue to do so in the coming months.
In a Thursday press release, the Thai SEC released a new list of four cryptocurrencies that it approves as a fundraising tool for ICOs and a base in trading pairs on crypto exchanges.
The four approved cryptocurrencies in Thailand are—Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM).
The Thai SEC is satisfied to allow these cryptocurrencies to serve the functions mentioned earlier after considering relevant development, news and other primary factors the effect a cryptocurrency possibly including sufficient market liquidity, a well-designed decentralised system and the capacity to exist as a trading pair with other cryptocurrencies.
In contrast, the regulators removed Ether Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH) from its earlier list, apparently because these coins did not satisfy their metrics.
Additionally, the release notes that no ICOs are collecting payments in the delisted cryptocurrencies neither are there crypto exchanges offering them as a base in trading pairs.
Although the release goes on to add that the approval of these cryptocurrencies do not mean that Thai residents should consider them as legal tender, it goes a long way in lending credibility to the potential locked in cryptocurrencies.
The move is also just one in a list of efforts made by the Thai SEC to bring clarity to the country's crypto ecosystem.
In recent times, Stmarket.co has reported the Thai SEC reaching the following milestones :
Also recently, the Thai Parliament approved the tokenization of securities for local companies.
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