Thailand Bans Transactions Of Crypto Assets Types Of Meme Coins, Fan Tokens, And NFT

Thailand bans meme-type cryptocurrencies (BTCManager)

JAKARTA – The price of cryptocurrencies is undergoing a correction this weekend. On the other hand, bad news came from the Thai government. The Stock and Securities Commission (SEC) of Thailand is reportedly implementing a new policy regarding cryptocurrency trading.

According to Bitcoin News, the Thai Securities and Exchange Commission has banned crypto exchange platforms in the country from trading certain coins, including meme coins, fan tokens, and non-fungible tokens (NFT).

The implementation of the policy was announced by the Thai SEC on Friday. The new rules have been approved by the board of directors to regulate cryptocurrency trading.

Secretary-General Renvede Suwanmongkol revealed that the board meeting held on June 9 resulted in an agreement that approved SEC Notice No. Kor Thor. 18/2564 to enforce in his country, as reported by Bitcoin News.

The Thai SEC has officially banned the types of cryptocurrencies that include meme tokens because they are deemed to have no clear underlying purpose where the price is merely trend-following. Then fan tokens, because they are marked by the popularity of influencers only. Lastly, NFT. The SEC did not provide a clearer reason for the ban on NFT trading.

With this policy, it is likely that popular coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), and Football Stars (FTS) tokens will be affected by the regulation.

A number of tokens that fall into the above categories have the potential to be removed from crypto trading exchanges in Thailand. The SEC implemented the policy under the pretext of “increasing the protection of the interests of digital asset traders”.

Thai regulators also called for crypto exchanges in Thailand to comply with these regulations and revise the list of tokens traded. Crypto trading platforms are given a maximum period of 30 days to revise the token list on the exchange. Starting from the effective date of the regulation.

"After publication in the Government Gazette, the Notification is effective from 11 June 2021 onwards without retrospective effect", the Thai SEC wrote.