Although Thailand is in a busy due diligence phase preparing many things for cryptocurrencies to be exchanged, Thailand still doesn’t have any legal certainty. On November 13th, The Thai Securities and Exchange Commission (Thai SEC) released a report around Thailand’s financial regulators which firmly stated towards cryptocurrency to cease advertising and warned citizens against using it.
In the release, The Thai SEC highlighted that Q Exchange, a joint Thailand and South Korean venture, within the framework of its new cryptocurrency laws, was still missing an official endorsement.
According to a report by Lokwannee, The Q Exchange, whose Q Token was planned to launch on October 25th is preparing for over ten cryptos including Ethereum (ETH) and Bitcoin (BTC). But No one can locate a current online presence, while there is only some news reported on the launch and announcements surrounding the Q Exchange – none of which come from the government.
Following a royal decree in May, before beginning activities in Thailand, every cryptocurrency business such as Exchanges and Initial Coin Offering (ICO) operators have to seek permission from and register with authorities. It made managing activities easier but may cause greater barriers for cryptocurrency businesses.
As reported in the Cointelegraph last week, the first officially-licensed platform is predicted to appear before the end of November.
The Thai SEC also added that the SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator. They might not lawfully protect this firm so the public and investors should be cautious in engaging in digital asset and electronic money trades with this firm. Thailand is searching for solutions to strictly control its domestic crypto market. Besides the regulatory package now signed into law, it also calls for tighter control in various actors.
Earlier this month, the country’s deputy minister highlighted the need to safeguard against the threat of malicious actors using cryptocurrency by adding rigorous security practices.
Nevertheless, Thailand is serious with blockchain technology and cryptocurrencies. They know not to rush what is a meticulous and delicate process with huge potential in the end.
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