The Securities and Exchange Commission of Thailand (SEC) has established new rules for cryptocurrency exchanges operating in the country. Certain types of cryptocurrencies, including meme coins, fan coins, and non-fungible tokens (NFT), are prohibited from trading on crypto exchanges.

Thailand sets new rules for cryptocurrency transactions, prohibiting certain types of cryptocurrencies

The Securities and Exchange Commission of Thailand (SEC) announced on Friday that its board of directors has approved new rules governing cryptocurrency trading. Secretary General Ruenvadee Suwanmongkol stated that the board meeting held on June 9 passed a resolution approving the SEC notice number Kor Thor. 18/2564, which stipulates the rules.

The U.S. Securities and Exchange Commission notified the details that digital asset exchanges are prohibited from “providing services related to utility tokens or cryptocurrencies with any of the following characteristics”:

(1) Meme token: there is no clear goal or substance or basis, and its price follows the trend of social media; (2) Fan token: tokenized by the popularity of Internet celebrities; (3) Non-fungible token (NFT) ).

The ban also includes “digital tokens used in blockchain transactions and issued by digital asset exchanges or related personnel.”

Although the SEC did not mention the name of any specific token, meme cryptocurrencies, such as Dogecoin (DOGE) and Shiba (SHIB), may be affected.

Cryptocurrency exchanges must also set a requirement, “If digital tokens issued by their own exchange or related personnel are listed on the exchange, they will be enforced.” The regulator warned that the token issuer had failed to comply with it. The white paper and related rules, its tokens may be delisted from the exchange.

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According to the notice from the US Securities and Exchange Commission, “this new regulatory guideline aims to strengthen the protection of the interests of digital asset traders.” It added:

The exchange must comply with and amend its listing rules in accordance with the provisions of the notice within 30 days from the effective date of the notice.

The Securities and Exchange Commission of Thailand also pointed out that “after being published in the government gazette, the notice will take effect on June 11, 2021 and will not have retrospective effect.”

What do you think of Thailand banning these cryptocurrencies from trading on crypto exchanges? Let us know in the comments section below.

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