The Thai equivalent of the SEC has reportedly decided that three well-known cryptocurrencies should not be used by Thai citizens for investing in ICOs. The reason that this news just might take a large part of the crypto community by storm is because it involves Bitcoin Cash, Ethereum Classic, and Litecoin.
Before you go out and liquidate any of your existing holdings in these currencies, however, it is important to keep two facts in mind. First, this ruling does not apply to anyone but Thai citizens. Second, there seems to be a simple reason why this decision was made.
After an analysis of CoinDesk’s article on the subject, it truly appears as if their lack of usage in certain contexts is to blame. According to a quote from the Thai SEC, these cryptocurrencies are not currently being used as trading pairs or investment vehicles in Thailand. Therefore, if we take this idea at face value, these cryptos have not really been banned, but discontinued from being used.
Beyond this, little else is clear on this subject at this time. All three of these cryptocurrencies had been approved by the Thai SEC in the past for usage in ICOs. Therefore, it stands to reason that if these coins were never really used for this purpose, then there would be no need for them to be approved for it.
Unfortunately, however, even this is largely speculation since direct confirmation has not been given for any of these points. As this news develops, it would be advisable to keep an eye on the Thai SEC website here, though based on their announcement, it is possible that no more developments will come to light.
By: BGN Editorial Staff