The Thai Securities and Exchange Commission (SEC) has banned local exchanges from trading meme cryptocurrencies, fan tokens and NFTs.
The restrictions will affect cryptocurrencies like Dogecoin and collectibles in the form of non-fungible tokens.
The head of the SEC, Ruenwadi Suwanmongkol, said that the department has prepared a guide for crypto exchanges with a description of the signs of digital assets prohibited for trading.
They relate primarily to coins “without clear goals or content, developing according to trends dictated by social networks.” Digital currencies based on Internet memes and native exchange tokens are also prohibited.
The restrictions came into effect on June 11 and are not retroactive. Marketplaces must revise their rules within 30 days, otherwise it will lead to forced delisting of coins.
In early June, the Thai authorities began to think about regulating the DeFi sector. According to the SEC, token-related activities may require a license from the financial regulator in the future.
In May, the media reported on plans by the authorities to oblige local bitcoin exchanges to scan chips embedded in citizens’ ID cards when opening new accounts.
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