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Thailand's SEC allows few Fan-Favorite Cryptocurrencies in the Country

Thailand’s SEC allows few Fan-Favorite Cryptocurrencies in the Country

Amidst all that happened on Sunday, where Coinrail a crypto exchange was hacked which resulted in a  decline in the volume of $14 Billion in cryptomarket. Thailand brought some positive news for the cryptomarket.

Thailand’s SEC has given thumbs up to seven cryptocurrencies to be used for ICOs as well as for trading pairs in the country. The  SEC has given clear guidelines with respect to the country’s regulatory framework for cryptocurrencies and ICOs. These measures were approved in a meeting on June 7th.

The seven allowed cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP) and Stellar (XLM).

Consensus credibility and the liquidity of the digital assets were the factors used by SEC for selecting the allowable cryptocurrencies.

The Thai SEC is also expecting about 10 firms which include crypto exchanges and crypto brokers and dealers to apply for crypto licenses. The last date of application is August 14th. The date is chosen to be at 90 days from the announcement of the approved cryptocurrencies and regulations by the Thailand SEC. The applications will be limited to companies registered in the country with an upfront fee of 5 Million Baht (Approximately $157k).

There will also be an annual fee for such crypto entities that will be calculated as 0.002% of the total trading volume for crypto exchanges and 0.001% of the total trading volume for brokerage firms. Each with a minimum fee of 500,000 Baht and 250,000 Baht respectively and a maximum fee of 20 Million and 5 Million Baht will also be used to cap payments by both categories respectively.

The SEC also mentioned that each ICO should clearly mention the token being issued and as well as complete investment information. There is no limitation on the amount of ICOs offered to the institutional and ultra-high-net-worth investors. But there will be an individual limit per ICO which is an investment cap of 300,000 Baht and also no more than 70% of the total value of offered tokens.

These clear crypto regulatory guidelines by the Thai SEC might inspire other countries looking for regulation of cryptocurrencies and ICOs in their country.

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