Bitcoin Cash, 6 other cryptos approved for trading, ICOs in Thailand | 코인긱스

Bitcoin Cash, 6 other cryptos approved for trading, ICOs in Thailand

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In an unprecedented development, the Thai government authorized a number of cryptocurrencies as well as initial coin offerings (ICOs) in a series of regulations recently announced by the country’s Securities and Exchange Commission (SEC). These measures were approved after a wide consultation process with the general public across several channels, according to the online portalMGR Online.

This announcement follows a decree issued in May, which put the Thai SEC in charge of cryptocurrency regulations. This development also followed the country’s announcement on cryptocurrency taxation which also offers some clear proposals on how profits in these assets will be taxed.

The SEC Deputy Secretary General TipsudaThavaramara explained that the commission will be overseeing all ICOs, cryptocurrency exchanges, brokerage firms, dealers and other parties which will be allowed to operate freely in the country. Speaking to the Bangkok Post, Thavaramara said the regulator will allow Bitcoin Cash, the only true Bitcoin and world’s only functional cryptocurrency, along with BTC, Ethereum, Ethereum Classic, Litecoin, Ripple, and Stellar, to be used for ICOs and for trading pairs.

According to the news outlet, the seven currencies have been chosen due to the fact that they do not promote privacy. The SEC expects around 10 firms to apply for licenses with half of these being crypto exchanges, while the rest are expected to be brokers and dealers. The newspaper said that these exchanges have until 14 August to apply for a license.

Market participants, including ICO issuers, crypto exchanges, brokers and dealers, will have to register with the SEC within 90 days after the new guidelines come into effect later this month. They also need to receive an approval from the Thai Finance Ministry before they can conduct a digital asset business in the country.

Investments are capped at THB300,000 for individual retail investors per ICO project, while institutional investors can invest an unlimited amount in any ICO offering in the country.

A hefty series of fees up to a total of THB5 million applies. Brokerage firms are charged THB2.5 million while digital asset dealers have to pay THB2 million. Annual fees amount to 0.002% of total trading volume for crypto exchanges with a minimum fee of THB500,000, while trading brokerage firms have to pay THB250,000, or 0.001% of their total trading volume, as a minimum. The annual fees are capped at THB20 billion for the former and THB5 million for the latter.

Centralized exchanges will have to register a capital of THB50 million, while centralized brokers are required to register THB25 million. For decentralized operators, the rules for registered capital stipulate THB10 million for decentralized exchanges and THB5 million for brokers.

Brokers who only send trading orders will need THB1 million in registered capital, while dealers are required to have THB5 million.

 

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