Thai SEC issues warning against nine ICOs and digital tokens

Thailand’s Securities and Exchange Commission (SEC) has issued a warning against investing in nine digital tokens and initial coin offerings (ICOs) not authorized by it.

In an online post dated October 26, the regulator said that it looked into the digital assets which are being promoted through online media such as Facebook and Youtube and found nine such projects that have not been approved by it. These include:

• Every Coin
• Orientum Coin (ORT)
• OnceCoin (OFC)
• Tripxchain Coin (TXC)
• TUC Coin
• ICO by G2S Expert
• ICO by Singhcom Enterprise
• ICO by Adventure hostel Bangkok
• ICO by Kidstocurrency

“The SEC warns that Nine digital or digital assets have not yet been filed and are not authorized by the SEC,” the SEC said and urged investors to exercise caution.

The regulator said that these ICOs did not file for the SEC’s approval and are not licensed by it under applicable law. It added these projects have not passed “the qualification screening and smart contract review by the approved ICO portal.”

It said that these ICOs “may not disclose information that is necessary and sufficient for the decision of the investors” adding that “Such digital assets may not be liquid or may not be cashable.”

Earlier in July, the SEC released a regulatory framework for the issuance and sale of digital tokens via ICOs and ICO portals in the country. Under the Digital Asset Management Act – which went into effect on July 16, ICO issuers are required to be screened by ICO portals.