A growing number of companies are entering the cryptocurrency space in Thailand. However, they have not applied for approval from the Thai Securities and Exchange Commission (SEC), prompting the regulator to issue several warnings against unapproved operators.
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Companies Entering Thai Crypto Space
Since Thailand enacted its cryptocurrency regulations in May, a growing number of companies have been launching crypto exchanges and issuing tokens in the country.
Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand with a plan to open the first “cryptocurrency bank” in the country, Channel 3 News reported. The company aims for its Thai operation to be the crypto exchange hub of Asean 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.
South Korea-based cryptocurrency exchange Coin25 announced on Tuesday that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos,” Business Korea reported. However, this exchange only offers the trading of its own token.
Mrc Biz Ltd. has also been promoting an initial coin offering (ICO) in Thailand, the Thai SEC revealed on Friday. Another company, Corexfly, announced that it was launching an exchange in Thailand back in August. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.
Furthermore, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have also unveiled their plans to open exchanges in Thailand.
SEC Issues More Warnings
According to Thailand’s cryptocurrency regulations, companies
