Based on a recent report, the Thai Securities and Exchange Commission (SEC), has made that it is known that the number of cryptocurrency exchanges in Thailand has increased significantly. However, the majority of them have not applied for licensing, as a result, most of them were not given the approval to operate. As a result of this, the Thai SEC has released several warning against patronizing unapproved crypto exchanges.
Several Crypto Exchanges Moving in
Since Thailand upgraded its cryptocurrency regulations in May, several top-ranking crypto exchanges across the world have been setting up subsidiaries in the country.
Based on a recent report, Q Exchange, a joint venture between Thai and South Korean companies, has made announcements regarding the creation of the first “cryptocurrency bank” in Thailand.
With this, Q Exchange aims for its Thai operation to be the crypto exchange hub of Asean countries. The exchange made this known in a recent statement which states that:
“The goal is to open nationwide exchange branches of more than 30 branches in 2018 and increase to 70 branches in 2019.”
Also, Coin25 a South Korea-based cryptocurrency exchange announced that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos, ”. Currently, Coin25 only offers the trading of its own token.
Another exchange, Mrc Biz Ltd. is reportedly promoting an initial coin offering (ICO) in Thailand.
In a recent report, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, are already making plans towards setting up a crypto exchange in Thailand.
A previous news made it known that Corexfly, will be launching its crypto exchange in Thailand. This was confirmed in a post made on the company’s website.
The post stated that: “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,”
Thailand SEC has Warned
All these and many more are indications that the crypto space in Thailand is blowing through the roof.
The Thai SEC has however reported that only six crypto exchanges and one dealer have been temporarily approved while their applications are being reviewed. As a result of this, the public needs to have their eyes peeled for unapproved exchanges.