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Thailand Approves 4 Cryptocurrencies, Bans 3

thailandapproves march01 lt

Thailand's securities watchdog has approved four cryptocurrencies to be eligible for investing in initial coin offerings (ICOs) and as base trading pairs against other cryptocurrencies.

The Thai Securities and Exchange Commission (Thai SEC) on Thursday updated the list of eligible cryptocurrencies, adding Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM) to it.

At the same time, the regulator removed three major cryptocurrencies from the list. They are, Ethereum Classic, Bitcoin Cash, and Litecoin.

Key factors taken into consideration for giving recognition to the cryptocurrencies include "relevant developments and news, as well as other important factors related to cryptocurrencies," SEC said in a statement.

SEC made it clear that the announcement of the cryptocurrency list is not a certification of their legal tender status.

The Commission also said that the list update has no impact on investors or digital asset businesses because so far no ICO has been launched and the operating digital asset exchanges have never used BCH, ETC or LTC as base trading pairs.

Thailand is emerging as a country where people are increasingly interested in cryptocurrencies. Its National Legislative Assembly has officially allowed the issuance of tokenized securities on blockchain through an amendment to the Securities and Exchange Act. Those changes will come into effect later this year.

Last year, Thailand government had waived the 7 percent value-added tax (VAT) it imposed on trading in cryptocurrencies on exchange markets approved by Thai Securities and Exchange Commission (SEC).

Both private companies as well as individual investors in the South East Asian country are supposed to pay income tax for Cryptocurrency transactions.

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