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Thai SEC Approves ETC, LTC, BCH for ICOs, Trading

Thai SEC Approves ETC, LTC, BCH for ICOs, Trading

Thailand’s Securities and Exchange Commission (SEC) has expanded its list of approved cryptocurrencies for use in initial coin offerings (ICOs) and as base trading pairs, according to an official statement from the SEC today.

These latest updates to the SEC’s approved list include Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH), joining Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM) as cryptocurrencies that can be used in compliance with the country’s national regulations. The SEC reiterated that it does not, however, class any of the above as legal tender, as stipulated in its statement.

The decision comes in accordance with the Royal Decree on Digital Asset Business BE 2561 but does not accord either of the currencies a guarantee of any other status.

Thailand is slowly moving its policies in a pro-cryptocurrency direction, last December announcing a public hearing to attempt to remove the obstacles associated with holding ICOs whilst keeping investors protected. The SEC hopes to allow private ICOs to take place without the registration statements and draft prospectus’ that are currently required.

A recent amendment to the Securities and Exchange Act also allows for tokenized securities such as stocks and bonds to be issued via blockchain, effective later this year.

 

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Why Experts Are Calling Russia’s Crypto Bill ‘Disappointing’

Several native experts have recently expressed their disappointment with the development of Russia‘s cryptocurrency regulations, citing areas as ”ineffective” and ”far behind” those of other countries.

Discussing the main bill in question, “On Digital Technologies,” Artem Tolkachev, chairman of the Russian Blockchain community since 2016, said that he was ”disappointed” with the current version, pointing to areas that he perceives would create potential inefficiencies.

His main critique points centered about the crowdfunding section prepared by Russia’s central bank, and also the amendments to the Russian Civil Code. His concerns were that both bills were constructed independently and that would consequently make them rather ineffective.

The government has been attempting to regulate the area of cryptocurrency since January 2018, only to be met by different obstacles. The bills which were expected to be passed at the beginning of July have been delayed until October.

Tolkachev thinks that the issues related to passing the bills arise from the ”complexity of the subject” and a lack of intergovernmental consensus over how, and what exactly should be state regulated. Reports have emerged that the Russian Central Bank has become opposed to the Ministry of Economic Development on the subject, with the latter pushing for a more progressive agenda.

Tolkachev was involved with discussions between the central bank, the Ministry of Finance, the Ministry of Economic Development and the general security service regarding how the area could be regulated, trying seemingly unsuccessfully to sell the idea of a crypto-friendly nation. ”Unfortunately, we have what we have. What can I say? That’s it,” he told Cointelegraph.

The president of the Russian Association of Cryptocurrency and Blockchain, Yuri Igorevich Pripachkin, said that despite being consulted during the government’s process, what the legislation looks to be, is in many areas, adverse for the industry.

Pripachkin says that in its current form, the bills put Russia far behind countries such as Belarus and Switzerland who have made great regulatory steps while still promoting the industry.

 

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