Thailand bans trade of meme coins, fan tokens and NFTs

Thai SEC approves new rules governing cryptocurrency exchanges

                                

The Thai Securities and Exchange Commission (SEC) has prohibited the trade of meme coins, fan coins and non-fungible tokens (NFTs) on crypto exchanges.

Cryptocurrencies such as dogecoin (DOGE) and shiba inu coin (SHIB) are expected to be affected. 

In the SEC ruling, referring to meme tokens, secretary-general Ruenvadee Suwanmongkol said exchanges would be prohibited from "providing services related to utility tokens or cryptocurrencies that have no clear objective… or underlying asset".

She added that coins "whose price… is tokenised by the fame of influencers" and “digital tokens which are utilised in a blockchain transaction and issued by digital asset exchanges" (NFTs) would also be banned.

Could doge be banned?

Crypto exchanges must also set a requirement “to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange”.

Token issuers failing to comply with their white papers and relevant rules risk having their tokens delisted from the exchange.

 The Thai SEC said the new regulatory guideline "aims to enhance protection of digital asset traders’ interest”.

Further reading: 

SEC chair calls for greater regulation of cryptocurrency exchanges

Crypto momentum hit by SEC regulation comments

FuBanks facing stricter bitcoin regulation

 

 


 

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