Thailand’s financial markets regulator has banned several cryptocurrencies as a means to invest in ICOs and as a base in trading pairs.

The country’s Securities and Exchange Commission (SEC) issued rules last July, mandating that any entity seeking to conduct a token sale must first file for an application for its approval. At the time, the SEC said that only Thailand’s national currency, the baht, and seven cryptocurrencies can be used to invest in ICOs: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ether classic (ETC), litecoin (LTC), XRP and stellar (XLM).

In an announcement Thursday, the SEC said it has now removed bitcoin cash, ether classic and litecoin from the list of eligible cryptocurrencies. As a result, only the remaining four cryptocurrencies are permitted it said, with a reminder that the list is “not a certification of their legal tender status.”

The watchdog did not provide any detail as to why the list has been reduced, though it said it takes into account different factors such as news and other developments related to tokens.

“In any case, 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,” the SEC said.

The regulator added that it provides the list of eligible cryptocurrencies in compliance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

Last week, the country’s National Legislative Assembly approved an amendment to the Securities and Exchange Act legalizing the issuance of tokenized securities such as stocks and bonds.

Thai baht image via Shutterstock