Thailand’s SEC Gives Thumbs Up to XRP, ETC, XLM & More for ICO Trading

The Securities and Exchange Commission in Thailand has recently added to its list of cryptocurrencies that have been given the green light for use in Initial Coin Offerings and as base trading pairs.

In the official statement by the SEC, it announced the additions to the list which includes, Ethereum Classic, Litecoin, Bitcoin, Ethereum, Ripple, Bitcoin Cash and Stellar. These digital assets can be used in compliance with the nations legal regulations. The Commission made it clear that it doesn’t see any of the above as legal tender which it highlighted in the statement.

This decision comes in accordance with the Royal Decree on Digital Asset Business BE 2561 but doesn’t accord either of the currencies a guarantee of any other status.

In Thailand, the country is slowly moving its policies in a pro-cryptocurrency direction. As was reported in December, there was an attempt to remove the obstacles associated with holding ICO’s whilst keeping investors protected. The SEC is hoping to allow private ICOs to take place without the registration statements and ‘draft prospectus’ that are needed at the moment.

Finablr

In other recent Thailand news, the international payment platform, Finablr has recently joined Ripple’s RippleNet blockchain network according to a press release 11th February.

Based in the United Arab Emirates, two of Finablr’s network brands, UAE Exchange and the payment platform Unimoni will be using the blockchain-based platform that Ripple has provided to follow through with real-time transactions to Thailand. Furthermore, the company has said that they plan to expand the services to other countries in the future.

As we reported at the time:

“The first partner in the service major Thai bank, Siam Commercial Bank, letting UAE Exchange and Unimoni customers globally send money to Thailand. The bank has been working with RippleNet since September 2018, when it became the platform’s first financial institution to trial a key feature dubbed “multi-hop.”

Aside from the UAE Exchange and Unimoni, the UAE based payment platform owns other brands such as Xpress Money, Remit2India, Swych, Ditto and Travelex which are all looking to implement the use of blockchain tech across certain aspects of their services too.

“While most clients have opted to use its payments infrastructure without the XRP cryptocurrency that Ripple helped develop, Euro Exim Bank became the first bank to publicly announce it is using XRP for cross-border payments in early January.”