As the Digital Assets Act of the Securities and Exchange Commission of Thailand (SEC) categorized and divided digital assets into 2 categories according to the asset consideration guidelines under the Digital Asset Act, Bitkub Exchange, therefore, classifies digital assets provided on its exchange into 2 categories: cryptocurrency and digital token, to be per the SEC guidelines. The details are as follows:
Definition
- Cryptocurrency
Refers to an electronic data unit that is created on an electronic system or network to serve as a medium for exchanging products, services, or other rights, or to trade between digital assets. Cryptocurrency also includes other electronic data units as specified by the SEC. - Digital token
Refers to an electronic data unit that is created on an electronic system or network for the following purposes:- To determine the rights of a person to invest in a project or a business,
- To determine the rights of a person to acquire products, services, or other specified rights as agreed by the token issuer and the token holder as well as other rights specified by the SEC.
The Differences between Cryptocurrency and Digital Tokens
Cryptocurrency and digital tokens are different in terms of usage and properties of the coin/token as stated below.
- Cryptocurrency can be used as a medium for exchanging products, services, or other rights as agreed by the token issuer and the token holders without defining the rights to the assets.
- Digital tokens can be used to define the rights of a holder including rights of a person to participate or invest in a project or business (such as to receive dividends, joint ventures, etc.), rights to acquire products, services, or other specific rights in the future (such as rights to access services provided by an unfinished business/platform, etc.), and rights to acquire products, services, or other specific rights which a person can use their right immediately.
Classification of Digital Assets on Bitkub Exchange
For “cryptocurrency”, there are 35 digital assets that are classified into this group; the list is shown in the table below.
For “digital token”, there are 123 digital assets that are classified into this group; the list is shown in the table below.
Remark:
The types and categorizing list of assets mentioned above are as of 31 May 2024 and are subject to change should there be any updates in the future according to the definitions specified in the Digital Asset Act on asset characteristics consideration guidelines by the SEC.
* DE (Delist) represents a cease of digital asset trading before delisting the asset from the exchange within a given period. (Learn more about Warning Signs here.)
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