Thai SEC Warns Public About Investing in Nine Unregistered Tokens and ICOs

The Thai Securities and Exchange Commission has warned the general public about investing in 9 unapproved digital tokens and ICOs.

The Thai Securities and Exchange Commission (SEC) has issued a warning about investing in 9 digital tokens and Initial Coin Offerings (ICOs), which haven’t been accredited by the regulator, information outlet Bangkok Post reported Oct. 26.

The SEC reportedly initiated an investigation into digital tokens and ICOs being promoted on social media platforms for funding, and located 9 instances whereby promoted digital property had not been approved by the market regulator.

Per the SEC, the alleged digital property and ICOs have neither filed an utility for the SEC’s approval, nor have they met the mandatory {qualifications} and had smart contracts assessed by initial coin offering portals. The SEC stated that those that have invested within the alleged property needs to be cautious of related funding dangers.

The SEC reportedly reiterated a warning about Ponzi schemes that persuade individuals to spend money on digital property by promising funding returns generated from tokens. “Information disclosure for funding decision-making can be insufficient, whereas these digital property won’t have enough liquidity to commerce and can’t be transformed into money,” the regulator added.

In August, the SEC stated that just about 50 initial coin offering tasks expressed curiosity in turning into licensed following the Finance Ministry’s announcement to introduce initial coin offering rules. The authorization course of takes as much as 5 months as upon submission of an utility, the SEC will switch the doc to the Finance Ministry inside 90 days. After that, the Ministry has 60 days to decide whether or not to approve a license.

Later that month, the SEC accredited seven companies to conduct cryptocurrency operations as a part of the formalization of the nation’s home market. The transfer kinds a part of a bundle of “transitional” guidelines governing crypto companies working in Thailand previous to the primary tranche of rules that got here into pressure May 14.

The 100-section legislation defines cryptocurrencies as “digital property and digital tokens,” and introduced them beneath the regulatory jurisdiction of the SEC. Thai Finance Minister Apisak Tantivorawong reportedly assured that the brand new measures are usually not supposed to ban cryptocurrencies or ICOs.

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