ICOs

Thai SEC Warns About 9 Unauthorized Tokens

from The Bitcoin News 5 years ago 0 0 1161

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

The nine consist of five tokens and four ICOs. According to the Thai SEC’s website, the tokens are Every coin, Orientum coin, Onecoin and OFC coin, Tripxchain coin, and TUC coin. The four ICOs are those issued by G2S Expert, Singhcom Enterprise, Adventure Hostel Bangkok, and Kidstocurrency.

The regulator has warned anyone who may come across them to take caution due to their high investment risks, stating:

Currently, no digital asset issuer has been approved and no one has filed an application for a license [to issue tokens] with the SEC. Therefore, [the SEC is warning] investors to take caution when being solicited or receiving information about investments in digital assets.

The Thai SEC specifically noted five key risks associated with the above nine tokens and ICOs. Firstly, they have not applied for approval or been approved by the commission. Secondly, they have not been evaluated by any SEC-licensed ICO portals. In addition, they may not provide adequate disclosure for investors. Next, their issuers and promoters have not been licensed to carry out digital asset-related activities. Lastly, they may not be liquid and may not be easily converted to cash, the commission detailed.

While the publication emphasized that no proposal has been submitted to the commission, SEC deputy secretary-general Tipsuda Thavaramara was quoted describing:

We have to consider this carefully because it is a new type of investment asset … If something goes wrong, there will be a huge impact on the mutual fund industry.

Currently, six cryptocurrency exchanges have been temporarily granted approval by the Thai SEC to operate in the country while their applications are being reviewed. They are Bx, Bitkub, Cash2coin, Tdax, Coin Asset, and Seadex.

In addition, two dealers were temporarily approved: Coins Th and Thaiwm. However, the latter has withdrawn its application and ceased crypto-related operations since Sept. 28.

What do you think of the Thai SEC’s warning? Let us know in the comments section below.

Images courtesy of Shutterstock and Thai SEC.

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