Cryptocurrencies still outside Thai law, warns SEC

business February 19, 2018 10:35

By The Nation

The Securities and Exchange Commission, Thailand (SEC) is warning that people who invest in Initial Coin Offerings (ICO) and cryptocurrencies generally are taking a risk because Thai laws do not yet have any statutes in place that cover them.


Several companies have plans to issue ICO but the SEC did not have any rules to cover such offerings, secretary-general Rapee Sucharitakul said on Sunday.

Investors in ICO needed to realise the risks they were taking because the country did not yet have any laws in place to protect them and White Papers detailing the ICO were likely be oral contracts only, he said.

“The SEC is studying [potential] rules for ICO but it is an ongoing process,” Rapee added.