Thailand Bans Meme Coins, Fantokens, and NFTs from Trading on Crypto Exchanges

The Thailand Securities and Exchange Commission (SEC) has published new rules for cryptocurrency exchanges operating in the country. Certain types of cryptocurrencies are not allowed to be traded on crypto exchanges, including meme coins, fan coins, and non-exchangeable tokens (NFTs). Thailand sets new rules for crypto exchanges and bans certain types of cryptocurrencies The Thai Securities and Exchange Commission (SEC) announced on Friday that its board has approved new rules for crypto exchanges. Secretary-General Ruenvadee Suwanmongkol stated that at its board meeting on June 9, it had passed a resolution approving SEC Statement No. Cor Thor. 18/2564 which sets the rules. Exchange of digital assets is prohibited from "providing utility tokens or cryptocurrencies-related services that have any of the following characteristics," SEC statement details: (1) Meme token: with no apparent purpose or substance or underlying value and its price social media trends ; (2) Fantoken: Symbolized by influencer fame; (3) Non-changeable token (NFT). The ban also includes “digital tokens used in blockchain transaction and issued by digital asset exchanges or interested persons.” While the SEC has not specified specific coins, meme cryptocurrencies such as dogecoin (DOGE) and shiba inu coin (SHIB) are likely to be affected. Crypto exchanges should also set a requirement that “will apply if digital tokens issued by their own exchanges or by interested parties are listed on the exchange.” The regulator warned that token issuers who do not comply with its whitepapers and related rules risk their tokens being removed from the exchange. According to the SEC statement, “This new regulatory directive aims to improve the protection of traders’ interests in digital assets.” Added: Exchanges are required to comply with the listing rules and update within 30 days as per the notice.

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