Thailand’s Security and Exchange Commission (SEC) has issued a warning to residents about Q Exchange stating that it is not “a licensed digital asset operator”.
The SEC had said that Q Exchange offered electronic money advisory and cryptocurrency trading, through print media outlet and also by using social media and other forms of online media to facilitate publicity of their services.
It was pointed out that the company had scarce online data, providing only an index page of the website, with no information about the exchange nor the services being provided.
As reported by Thai local news media lokwannee, Q Exchange offers digital asset trading services in BTC, ETH, BCH, XRP, LTC, NEO, OmiseGo, DASH, and ADA. It had plans to introduce its platform token, Q token.
The exchange may have targeted the Thailand market as blockchain business is taking a critical turn there both in terms of development and regulation. Chamnarn Suk, General Manager of Q Exchange Co Ltd, during the launch of the exchange had this to say:
“We are a joint venture with a major Korean company. The best management system in the industry… We intend to be the largest provider of currency exchange and services in Thailand, where we will educate…”
However, the Thai regulator has warned citizens that if investors, traders or holders of digital assets are “persuaded to receive digital asset exchange services or electronic money transactions”, they are at risk, as they are “not protected by the law under the supervision of the SEC”.
This public notice has also been followed up with a cease and desist order, whereby the SEC has expressly informed the Q Exchange management to cease its enticements for public investment and instructed the company to take precautions against violations of the Digital Asset royal decree of 2018.
On the subject of regulation, the country’s deputy prime minister, Wissanu Kreangam, is a strong voice for the intensifying of digital currency control measures, stating their vulnerability to being used for criminal activities such as money laundering and funding terrorism.
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