Thailand is making a move against unregulated cryptos. The Thai Securities and Commission Exchange has decided to issue an investment warning against existing Initial Coin Offerings (ICOs) that are not recognized, registered and supervised by the country.

This happened after the agency discovered that many ICOs were being held without any kind of registration, the Bangkok Post reported. Most of these companies were advertising their products via social media and none of them have applied for a license to operate in the country until now.

While cryptos have been legalized in the country in May 2018, they have to be regulated in order to be sold in the country or they will be against the law. Companies should register with the local SEC in order to be legal and to pay taxes.

Also, any ICOs registered in the company has to register and to have a minimum sum of money in a bank before they actually ask for the money of the investors.

Every Coin: a security program and firewall created by Aaron Jin);

Orientum Coin: operated by EltronxX LLC of Tbilisi, Georgia, that offers investment in diversified services like tourism, real estate, green energy industry products, educational institutions and more;

One Coin: defined as a Ponzi scheme, this is one of the most blatant scams of the list;

OFC Coin: related to One Coin;

Tripxchain Coin: a token that claims to be 100% legalized despite not ever having talked to the Thai SEC.

TUC Coin: also known as Thundercoin. It’s website has been shut down.

Other initial coin offerings include G2S Expert, Singhcom Enterprise, Adventure hostel Bangkok and Kidstocurrency.

Some tokens that can be legally traded in the country are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM) and Ethereum Classic (ETC).

The main problem, the SEC claims, is that these unregistered assets can be very dangerous. They are highly risky, as most ICOs are, in the vision of the agency, and they also have the additional risk of being scams, which only adds to the problem. Because of this, the SEC only approved ICOs that are properly regulated and are from companies that already have some money.

Thai’s SEC has also affirmed that, in most cases, the information provided via white papers and sites is not enough and that the buyers and investors can be purchasing assets that will simply be worthless for not having liquidity or value.

Also, the company seemed to be worried about cross-border scams as companies from outside of the country can easily just use the internet to reach the investors and to get their money with promises of wealth that are hard to be regulated by the company.

OneCoin, for instance, was cited as being a very dangerous scam that was acting in the country illegally and it was also notified by the Thai SEC during the operation.

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