Thai Regulator Issues Warning Against Several Cryptocurrency Entities

Amongst the suspicious businesses is OneCoin of Bulgaria, a notorious Ponzi scheme.

The Securities and Exchange Commission of Thailand has issued a warning about several entities that are operating unlicensed cryptocurrencies and/or initial coin offerings in the country, according to the Bangkok Post.

The watchdog has found that the entities have been advertised on social media websites, and have not applied for a licence.

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The Offenders

The cryptocurrencies illegally active in Thailand are as follows:

Every Coin – “Through a fortified and safe security programme and firewall, we increased its excellence and safety to a top world standard.”

This is the native token of Aaron Platform, which was created by one Aaron Jin, of Bangkok.

Orientum Coin – “An unprecedented 65% of investment in Orientum is allocated towards material, tangible assets in the form of real estate, hospitality, tourism, financial investments, green energy industry projects, and educational institutions.”

This coin is operated by EltronX LLC of Tbilisi, Georgia.

OneCoin

Based in Sofia, OneCoin is defined by Wikipedia as a Ponzi scheme.

In January 2018, police raided its head office in Sofia at the request of German authorities. At the time, the Bulgarian prosecutor’s office said: “At present, companies associated with OneCoin Ltd. are being investigated in England, Ireland, Italy, the United States, Canada, Ukraine, Lithuania, Latvia, Estonia and many other countries.”

Its founder, “Dr” Ruja Ignatova, has been accused of wrongdoing in several countries, and her whereabouts are currently unknown.

OFC Coin

OFC Coin is a venture of OneCoin.

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Tripxchain Coin

The official website claims: “The First 100% Legalized Digital Currency in Southeast Asia.”

TUC Coin

Otherwise known as ThunderCoin. Its website is down.

Initial coin offerings: G2S Expert, Singhcom Enterprise, Adventure hostel Bangkok, Kidstocurrency 

Internet searches reveal that all of these projects offer either partial or no information to the public.

Cryptocurrency in Thailand

Cryptocurrency was legalised in Thailand in May 2018, in a process which was relatively quick and painless when compared to other jurisdictions.

Having decided that the entrance of the new industry was inevitable, the authorities began by telling local banks to refrain from doing business with cryptocurrency while things were worked out.

The central bank had a tax framework worked out by March, and in May a law containing one hundred sections was put into force. Related businesses were given 90 days to register with the SEC.

Shortly afterwards, the Stock Exchange of Thailand opened a marketplace for blockchain-based crowdfunding, called ‘LiVE’.

The country allows the trading of Bitcoin, Ethereum, Litecoin, Ripple, Stellar, Bitcoin Cash and Ethereum Classic.

Cryptocurrency related companies operating in Thailand must be registered with the SEC. Companies that want to raise money via an ICO must have registered capital of five million baht.

The punishment for operating an unregulated cryptocurrency/related business in Thailand is a fine of a minimum 50,000 baht or twice the value of the transactions in question, and a possible two-year jail term.

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