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Thailand is taking a big step forward in its efforts to legalize and regulate cryptocurrency.

The country’s Securities and Exchange Commission just released a set of rules and regulations detailing how it will regulate ICOs and the trading of cryptocurrencies, reports the Bangkok Post.

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

The participants must also receive the Finance Ministry’s approval to conduct digital asset business…

All market participants, including ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions, are required to register with the SEC within 90 days of the effective date.”

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The SEC says it expects about five companies to apply to become cryptocurrency exchanges, and another five to apply to become retail cryptocurrency brokerage firms.

Unauthorized dealers of cryptocurrency could spend up to two years in jail and face heavy fines.

The new regulations will take effect later this month.

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