Stellar Lumens [XLM] is among the 7 currencies to be legal in Thailand

The Securities and Exchange Commission [SEC] declared supervisory details to market participants who are involved in digital asset trade on Friday. Stellar Lumens [XLM] is one among the seven currencies to be legalized in Thailand – Bangkok as permitted by the SEC which will be in effect later from this month. The SEC uses consensus credibility and cryptocurrency liquidity as some of the main criteria to asses the trading pairs in cryptocurrency.

The market regulator is expecting around 10 intermediaries to apply for the operating licenses out of which half of them will probably be cryptocurrency exchanges, as expected by them. The others were identified as dealers and brokerage firms. The permission and details let out by the regulatory commission will be the virtual currency decree’s organic law that is designed to regulate trades and transactions of these currencies.

According to the news from Bangkokpost, seven cryptocurrencies, used as ICO’s, will be allowed as trading pairs to be traded and the list includes Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Ethereum Classic [ETC], Litecoin [LTC], Ripple [XRP], and Stellar Lumens [XLM].

This came into effect on May 14th after many rounds of public hearings. They also demand all market participants, digital exchanges, brokers, including ICO issuers, and dealers involving in digital asset transactions to register with the SEC within 90 days from the effective date. The deadline to apply for licenses is August 14 for the digital exchange operators. Additionally, they must also receive Finance Ministry’s approval to hold cryptocurrency business.

If anybody is caught selling unauthorized virtual tokens and setting up unauthorized seminars to solicit cryptocurrency investment will be penalized with a fee of no more than twice the value of the digital transaction or at least 500,00 Baht. Even worse, they could face a jail term of almost 2 years. Digital token issuers must clearly state the type of tokens during issue along with the information about investment to ensure an approval from the SEC.

Tipsuda Thavaramara, SEC deputy secretary-general stated:

“The SEC’s regulatory scope includes ICOs, cryptocurrency exchanges, brokerage firms, dealers and other parties permitted by the Finance Ministry.”

source: https://ambcrypto.com/stellar-lumens-xlm-is-among-the-7-currencies-to-be-legal-in-thailand/