Thai SEC warn public on 6 digital tokens and 3 ICOs

Thai SEC warn public on 6 digital tokens and 3 ICOs
Oct 27, 2018 03:45 PM By: Ben Noble | 1757 Views

Thailand Security and Exchange Commission (SEC) warn the public on 6 digital tokens and 3 ICOs that perform their activities without authorization.

Thailand Security and Exchange Commission (SEC) warn the public on 6 digital tokens and 3 ICOs that are doing their activities without seeking permission from the regulator first.

These digital tokens and ICOs have not applied for approval through the provided platforms, although the SEC investigation found their “heavy” promotion activities in platforms like Facebook and YouTube.

Without any documents being submitted, the financial watchdog claimed the listed digital tokens and ICOs don’t meet the necessary qualifications.

The SEC also stated in the public warning that the digital assets may not have “sufficient liquidity to trade” and the capability to be converted into cash.

The listed digital tokens are Every Coin, Orientum Coin (ORT), OneCoin, OFC Coin, Tripxchain Coin (TXC), TUC Coin, while the ICOs are G2S Expert ICO, Singhcom Enterprise ICO, Adventure hostel Bangkok ICO and Kidstocurrency ICO.

According to local media, Bangkok Post, one of the listed coin, OneCoin also operates in Singapore without permission from the Monetary Authority of Singapore.

Thailand is one of the first countries in South East Asia whose government is very open and supportive for financial innovations. The country's financial authorities even provide a regulatory sandbox to any parties to simulate their products or services prior to public adoption.

That said, many criminal cases related to fraudulent investment schemes have also been reported, which is probably one of the reasons why the financial watchdog often issue public warning for unregistered investment activities. 

#SEC #Thai

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