Insights (Weekend)

Jun 11, 2018
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SEC is ready to regulate cryptocurrency in Thailand. There will be official trading for initial coin offering tokens. However, they can only be exchanged for seven specific cryptocurrencies. This includes Bitcoin, Bitcoin Cash, XRP, Litecoin, and a few others. What is perhaps the most remarkable aspect is how no ICO tokens can be traded against fiat currencies. 

Also, anyone selling digital tokens without authorization will be fined. Such fines will be twice the value of the digital tokens.

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John Hyland, the global head of exchange-traded products for Bitwise Asset Management, believes that the Securities and Exchange Commission could soon approve a cryptocurrency ETF.

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Hyland thinks the SEC’s concerns about a crypto ETF have largely been addressed. Bitwise has kept its private fund’s crypto assets in a regulated custodian, a service the five large ETF custodial companies are considering offering.

An ETF does not hold the coins, he said, but swaps or futures on the coins. An ETF holding swaps or futures could be custodized by an ETF custodian that manages futures based currency or commodity ETFs.

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