Business 29 October 2018

Paul How

Thai SEC warns public against unregistered crypto businesses

Thailand’s Securities and Exchange Commission is cautioning the public about cryptocurrency-related businesses operating without the regulator’s authorization.

The Bangkok Post listed five tokens, as named by the SEC: Every Coin, Orientum Coin, OneCoin/OFC Coin, Tripxchain, and TUC Coin. The four initial coin offerings (ICOs) mentioned are: G2S Expert, Singhcom Enterprise, Adventure Hostel Bangkok, and Kidstocurrency.

According to the commission, the companies involved had not applied with the regulator, and thus have not met the proper qualifications, including having smart contracts examined by SEC-sanctioned ICO portals. Because it had not been ascertained that the assets being offered had adequate liquidity or could be exchanged for cash, there was a high risk investing in these companies, the SEC said.

The Bangkok Post article noted that OneCoin had already been flagged outside of Thailand, including by the Monetary Authority of Singapore.

Chinese prosecutors have already charged individuals connected with the offering of OneCoin, involving $2.3 billion traded. It has been alleged that the cryptocurrency was a pyramid scheme, where members would pay to advance up the organization. Other countries that have warned about OneCoin are India, Hungary, the UK, Belgium, and Finland.

Currently, the Thai SEC is assessing applications of numerous cryptocurrency exchanges and digital asset dealers. Among these, Bitcoin Co, Bitkub Online Co Ltd, Cash2Coins Co Ltd, Satang Corporation Co Ltd, Coin Asset Co Ltd, Southeast Asia Digital Exchange, Coins TH Co, and Digital Coin Co Ltd. are already allowed to operate even as their applications are pending, since they filed their applications prior to cryptocurrency-related legislation that took effect last May 14.

SEC Secretary-General Rapee Sucharitakul pointed out how there was a very active cryptocurrency market in the country, as encouraged by the government’s regulatory framework. He said that there were as many as 50 ICO issuers seeking licenses to raise money.

Among the currencies recognized by Thailand for ICO payments is Bitcoin Cash (BCH).

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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