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Thailand's SEC issues warnings as crypto exchanges plan expansion

18 Nov, 2018
by David Robb
News
Thailand's SEC issues warnings as crypto exchanges plan expansion

Thailand's Securities and Exchanges Commission (SEC) has recently issued warnings against a number of crypto companies that haven't sought regulatory approval. This coincides with the launch of several new cryptocurrency projects that are based in the country or expanding into it.

As reported by Bitcoin.com, one of the biggest new crypto operations due to be launched in Thailand is Q Exchange. This is a joint South Korea-Thailand venture that is intending to be the country's first crypto bank. Another exchange, Coin25, announced on Tuesday that it has set up a subsidiary in Bangkok and "is operating more than 60 branches in Thailand and Laos". 

Thailand's SEC issued a warning against Q Exchange, as it has been soliciting investments and promoting its services to potential customers in the nation without seeking permission.

The commission has so far approved just six trading platforms: Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). The country may soon establish an ICO portal that will check out individual ICOs to make sure they are legitimate.

Read more: Thailand set to launch an ICO portal to individually vet new ICOs

Although it is adopting a cautious approach for now, Thailand's Rapee Sucharitakul, secretary-general of the Thai SEC, has apparently claimed that more operations will be approved in December. South Korea's two biggest exchanges, Upbit and Bithumb, have also recently announced plans to expand into Thailand.

Read more: South Korean exchange Upbit expanding to Thailand and Indonesia

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