The Security and Exchange Commission in Thailand Sets Clear Regulations for Bitcoin (BTC), Bitcoin (Cash BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC) and XLM 

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Even with the current decline in the cryptoverse, there has been some good news on the regulatory front. The market has declined by $14 billion since after the news that Coinrail was hacked started circulating.

On the plus side, the Security and Exchange Commission in Thailand has made the country’s regulatory framework clear regarding cryptocurrencies and initial coin offerings.

Thumbs Up for Cryptocurrencies

On Friday, the SEC announced that it has come to a conclusion after the June 7th meeting. One of the new rules allowed seven cryptocurrencies to be used for initial coin offerings and trading pairs within the country. The coins are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar Lumens.

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These seven coins were chosen because of their liquidity and consensus credibility. They also allowed firms to apply for cryptocurrency licenses. Those who want to apply for the licenses will have to do so before the 14th of August. This gives exchanges a 90 day notice to apply and get registered. Only companies that are legally registered in the country will be allowed to apply and they will be required to pay about 5 Million Baht upfront.

The cryptocurrency companies will also be required to pay an annual fee which will be based on 0.002% of their trading volume.

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Initial coin offerings must clearly indicate the token type and the investment information. ICOs will also have a limit to the amount that can be offered.

The clear cryptocurrency regulatory guidelines are a win for the industry as regulatory uncertainties have always posed a problem for cryptocurrencies. Thailand has given other countries precedent for exploring cryptocurrency regulations. If other countries set clear guidelines rather than attack the industry all the time, there will be some form of stability on the regulatory front. The US Security and Exchange Commission should consider following Thailand in setting clear regulations for the cryptocurrency market.

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