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The Securities and Exchange Commission of Thailand has issued a warning on various entities that operate cryptocurrencies without license and / or initial offers of coins in the country, according to the Bangkok Post.
The watchdog found that the entities were advertised on social media websites and did not request a license.
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The violators
The illegally active cryptocurrencies in Thailand are as follows:
Every coin – "Through a fortified and secure security program and firewall, we have increased its excellence and safety to a world standard".
This is the native token of Aaron Platform, created by Aaron Jin, of Bangkok.
Orientum coin – "An unprecedented 65% investment in Orientum is destined for tangible and tangible assets in the form of real estate, hospitality, tourism, financial investments, projects for the green energy industry and educational institutions".
This coin is managed by EltronX LLC of Tbilisi, Georgia.
OneCoin
Based in Sofia, OneCoin is defined by Wikipedia as a Ponzi scheme.
In January 2018, the police broke into its main office in Sofia at the request of the German authorities. At the time, the Bulgarian public prosecutor's office stated: "At the moment, the companies associated with OneCoin Ltd. have been investigated in England, Ireland, Italy, United States, Canada, Ukraine, Lithuania, Latvia, Estonia and many other countries ".
Its founder, "Dr" Ruja Ignatova, has been accused of committing a wrongdoing in several countries and its location is currently unknown.
OFC currency
OFC Coin is a venture of OneCoin.
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Tripxchain Coin
The official website states: "The first 100% legalized digital currency in Southeast Asia".
TUC Coin
Otherwise known as ThunderCoin. His website is down.
Initial coin offers: G2S Expert, Singhcom Enterprise, Bangkok Adventure Hostel, Kidstocurrency
Internet research reveals that all these projects offer partial or non-existent information to the public.
Cryptocurrency in Thailand
Cryptocurrency was legalized in Thailand in May 2018, in a relatively quick and painless process compared to other jurisdictions.
Having decided that the entry of the new industry was inevitable, the authorities started telling the local banks to refrain from doing business with the cryptocurrency while things were being resolved.
The central bank had a fiscal framework drawn up by March, and a law containing a hundred sections entered into force in May. The affiliated companies were given 90 days to register with the SEC.
Soon after, the Thailand Stock Exchange opened a blockchain-based crowdfunding market called "LiVE".
The country allows the trade of Bitcoin, Ethereum, Litecoin, Ripple, Stellar, Bitcoin Cash and Ethereum Classic.
Companies associated with the cryptocurrency operating in Thailand must be registered with the SEC. Companies that want to raise funds through an ICO must have a registered capital of five million baht.
The penalty for the management of an unregulated cryptocurrency / related activities in Thailand is a fine of at least 50,000 baht or twice the value of the transactions in question and a possible two-year prison term.
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