Thailand Bans Dogecoin, Fan Tokens, NFTS and Exchange Tokens

Jun 14, 2021 0 comments

Thailand’s Securities and Exchange Commission (SEC) announced it has banned many cryptos. This includes meme tokens, fan tokens, and non-fungible tokens (NFTs).

More so, this is the latest action by the regulator as it works to give a framework for crypto in the kingdom.

While Thailand is not looking to ban all cryptos, the Thai SEC has opted for a protective stance. This is to prevent citizens and traders from risking their funds through crypto investments.

The Thai SEC said,

Meme tokens, fan tokens, NTFs, and exchange tokens are no longer allowed to be traded in Thailand, effective June 11.

The Thai SEC clarified its decision. The commission said they banned meme tokens that have no clear objective or substance. Also, meme tokens that have no support with the price depending on the trend in the social world. This includes Dogecoin (DOGE) which Elon Musk supports and pumps on social media.

Moreover, the SEC also added Fan tokens to its list of the ban. They noted that they banned all digital assets the personal preference causes.

As per SEC, digital tokens arising from the use of tech to express ownership or grant rights to a specific thing are also banned. This is the case with non-fungible tokens (NFT).

In addition, digital tokens issued by the trading center itself or any person related to the trading center for the purpose are included in the list.

However, the SEC said the trading centers must comply with the announcement above. Also, they must complete the listing rule of the Trading Center to be by the report within 30 days from the effective date of this announcement.

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