SEC: Crypto Exchanges Opening in Thailand Need Approval
More and more companies have been launching crypto exchanges and issuing tokens in Thailand since the country introduced its cryptocurrency regulations in May.
Channel 3 News reported that Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand. Their plan is to open the first “cryptocurrency bank” in the country. The company would like its Thai operation to be the crypto exchange center of Asian countries. The media outlet detailed and quoted the company’s general manager explaining: “the goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.”
It was announced on Tuesday, as reported by Business Korea, that South Korea-based cryptocurrency exchange Coin25, has set up a branch in Bangkok and “is operating more than 60 branches in Thailand and Laos.” This exchange only offers the trading of its own token.
The Thai SEC revealed on Friday that Mrc Biz Ltd. Has also been promoting an initial coin offering (ICO) in Thailand. Back in August, another company, Corexfly, had announced the launching of an exchange in Thailand. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.
Upbit and Bithumb, South Korea’s two largest cryptocurrency exchanges, have also unveiled their plans to open exchanges in Thailand.
Thailand’s cryptocurrency regulations state that companies wanting to conduct crypto business in the country must have approval from the SEC, which is the main regulator of the country’s crypto industry. Only six crypto exchanges and one dealer have so far been temporarily approved, as their applications are being reviewed.
Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex), are the six exchanges. Coins Th is currently the only company that has been temporarily approved to operate as a cryptocurrency dealer. There hasn’t been any new approval to new exchanges or token issuers.
Warnings were issued by the SEC against unauthorized crypto businesses and tokens. It also recently warned investors against Db Holdings Plc. and nine unauthorized tokens.
The Thai SEC announced on Tuesday that they issued a warning to Q Exchange Ltd. According to the explanations from the commission, the company has not been granted approval but has been advertising and soliciting customers to buy and sell cryptocurrencies. The exchange was then notified by the SEC, to stop advertising and selling investments in the country.
The commission issued a warning against Mrc Biz Ltd., on Friday. The exchange has been promoting its ICO in Thailand without approval. No application has been submitted by the company to the SEC and has not been approved to conduct crypto business nor issue tokens.
Bangkok Biz News quoted Rapee Sucharitakul, secretary-general of the Thai SEC, on Thursday, saying that the commission expects the finance ministry to approve the applications of some companies to operate crypto businesses such as ICO portals, exchanges or dealers in December.
