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Thailand bans trade in NFT and certain types of tokens

The Securities Commission of Thailand (SEC) has approved new rules for cryptocurrency exchanges. They prohibit trading NFTs, fan tokens and meme tokens, as well as exchange tokens.

The rules emphasize that crypto assets issued by exchanges must comply with separate white papers (White Paper), as well as other existing digital asset requirements. If exchanges fail to meet these requirements, the token must be removed from the platform.

Thai exchanges have been given 30 days to adjust their listing policy and exclude tokens. The new rules effectively prohibit trading in tokens such as Dogecoin and Bitkub Coin, a local cryptocurrency exchange token.

Thailand’s SEC is quite strict in regulating cryptocurrencies and exchanges in the country. So, in May, the regulator obliged users of cryptocurrency exchanges to go through mandatory identification procedures. The SEC also issued a requirement according to which only citizens of a country with an income of more than 1 million baht ($ 32,000) can invest in cryptocurrencies. However, after public outrage, the demand was withdrawn.

Earlier it was reported that the SEC of Thailand plans to oblige issuers of DeFi tokens to obtain a special license.

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