More-Crypto-Exchanges-Opening-in-Thailand,-SEC-Warns-Approvals-Needed

Thai SEC Issuing Warning Against Unapproved Crypto Companies

Thai Security and Exchange Commission (SEC) has warned the cryptocurrency companies to take the approval from the regulators before starting the operations.

Crypto industry is growing at a rapid pace in Thailand, and an increasing number of companies are entering in the crypto space. However, most of them ignoring the approval from the Thai SEC which led the regulators to issue multiple warnings against unapproved companies.

Also read: Japan to Regulate Crypto Wallet Services

In May this year Thailand enacted its crypto regulations, after that, a growing number of companies launched crypto exchanges and Initial Coin Offering (ICO) in the country. The Thai SEC has announced that approval from SEC is needed to operate a crypto related business in Thailand. Last month BTC Wires reported that the Thai SEC issued warning against nine ICOs and digital tokens which are not authorized by the Security and Exchange Commission. SEC is the main regulator of Thailand’s crypto industry. To conduct a crypto related business in the country, it is essential to take approval from the regulator. Till now only six crypto exchanges and one dealer got the temporary approval while their applications are being reviewed. The six crypto exchanges which gained the temporary approval are:

 

  • Bitcoin Co. Ltd. (Bx)
  • Cash2coins
  • Coin Asset Co.Ltd.
  • Bitkub Online Co. Ltd.
  • Southeast Asia Digital Exchange Co. Ltd.
  • Satang Corporation (Tdax)

Coin Th is the only company which has received the temporary approval from SEC as a crypto dealer. The secretary general of Thai SEC, Rapee Sucharitakul said that the commission is expecting the finance ministery to approve the applications of some companies to operate cryptocurrency related business such as crypto exchange or dealer, and ICO portals by next month.

Recently Q Exchange Ltd. received warning from the Thai SEC. The company has started advertising and soliciting customers to trade digital currencies while it has not been approved by the SEC. The commission notified the crypto exchange to stop advertising in the country. Another company Mrc Biz Ltd. is also promoting its initial coin offering in Thailand without approval has also got the warning.