Thai Authorities Urge To Avoid Crypto Exchanges Without Licenses
The Securities and Exchange Commission of Thailand (SEC) has banned advertising of the Q Exchange and urged citizens to refrain from its services because of the legal uncertainty of the platform, according to a SEC press release.
The Commission officially announced that the Q Exchange cannot operate in the country in accordance with the new legislation on the regulation of crypto sphere.
There are ten cryptocurrencies in the Q Exchange listing, including bitcoin and ether. According to the Thai news feed Lokwannee, the exchange planned to launch its Q token at the end of October 2018. Despite the fact that many Thai media wrote about the crypto exchange, it was not possible to find any of its websites on the Internet, Cointelegraph reports.
When performing crypto operations on Q Exchange, investors should be cautious because these actions do not fall under the protection of the SEC, the regulator stated.
In accordance with the royal decree of May 2018, crypto companies must register and obtain permission to work in Thailand from the regulatory authorities. The first officially licensed company should start work in the country by the end of November 2018.
In 2018, the authorities of Thailand decided to tighten control over the crypto sphere and adopted relevant laws, and some officials demand even stricter measures regarding the crypto industry.
Earlier, Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, urged to strengthen control over the digital currency market in the country.