As the crypto market progresses, we’re seeing vast differences in the way that each country handles them. Some are taking a more supportive stance and some are unfortunately not.
Over the weekend the SEC of Thailand gave an update that was a real head-scratcher, to say the least.
They have removed support for Bitcoin Cash, Ethereum Classic, and Litecoin, and reaffirmed support for Bitcoin, Ethereum, XRP, and Stellar Lumens.
More specifically, they were clear to specify that this support is referring to issuing tokens on top of those respective blockchains (ICOs) and using these cryptos as a base pair for trading at exchanges. Meaning, that it is now illegal to issue an ICO on the Litecoin blockchain and exchanges are banned from allowing pairs like ETC/XXX.
Of course, of the three cryptos that have seen support removed, none of them are currently being used for ICOs nor are they being used by exchanges as a base currency. So by their own summation, they have are not having any real impact on the market.
Thailand is a fairly small market so in any case, we shouldn’t expect any real impact on crypto prices off the back of this announcement. What’s interesting here is that they’re actually doing their homework and getting into specific cryptos almost like an investor might.
Only time will tell if this strategy will pay off but what is clear is that they may be creating more work for themselves as they may need to update the status of individual coins based on market forces. Should any single cryptoasset gain or lose ground in the market, they could be forced to update their policy. Also, they’ve only weighed in on 7 cryptos,