Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand

The details include a list of seven approved cryptocurrencies, fees, and licensing requirements.

On May 14th, 2018 the Thailand SEC took charge of cryptocurrency regulations with newly approved measures taking effect at the end of June.

"The SEC will allow seven cryptocurrencies, used for initial coin offerings, to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar."

All market participants involved in digital asset transactions must register with the SEC within 90 days of the effective date and be approved by the Finance Ministry.

In order for businesses to be registered in Thailand and conduct digital asset trades, they must pay a fee of 5 million baht.

Digital asset dealers will be charged 2 million baht, and brokerage firms a fee of 2.5 million baht.

The annual fee for digital exchanges is 0.002% of trading volume, with a minimum fee capped at 500,000 and max at 20 million.

Brokerage firms have smaller fees at 0.001% of trading volume with a minimum fee of 250,000 baht and a maximum of 5 million.

Digital Exchange operators have until August 14th, 2018 to apply for their licenses.

"Sellers of unauthorized digital tokens and those setting up unauthorized seminars to solicit cryptocurrency investment will be fined no more than twice the value of the digital transaction or at least 500,000 baht. They could face a jail term of up to two years."