Thailand’s Securities and Exchange Commission (SEC) has warned the citizens of Thailand against nine unauthorized tokens and initial coin offerings (ICO). The body warned that these nine ICOs were not approved by them and they have not met the necessary requirements.
On Friday, the Thai SEC warned the public against nine ICOs that have not applied for approval but has been attempting to promote and solicit investors on social media platforms such as Facebook and YouTube. The nince consist of five tokens and four ICOs. The tokens include, 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, according to a report by news portal, Bitcoin.com.
The SEC warned prospective investors 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 SEC stated several reasons behind their warnings. Apart from the fact that the nine ICOs have not sought approval there are several other reasons. These ICOs have not been evaluated by any SEC-approved ICO portal, they have not provided enough disclosure for investors, and the issuers and promoters have not been licensed to carry out digital asset-related activities, the news portal reported.
Earlier this year, Thailand announced that it would be introduce ICO regulations in July. Detailing how the vetting process would go, the SEC would firstly evaluate the applications of so-called “ICO portals”. These portals are marketplaces where token sales are organized by potential ICO issuers. The portals would be approved by the SEC. Then once they were approved it would be the responsibility of these portals to screen the applications of ICO issuers before sending them to SEC for final approval.
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