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No DOGE Allowed? Thai SEC Bans Meme, Fan and Exchange Tokens as Well as NFTs
The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the nation.
Updated Sep 14, 2021, 1:10 p.m. Published Jun 12, 2021, 3:54 p.m.
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Thailand's Securities and Exchange Commission (SEC) announced Friday it has banned several of the hottest types of tokens in cryptocurrency, including meme tokens, fan tokens and non-fungible tokens (NFTs), in an apparent attempt to rein in trading in crypto instruments in which the prices are largely determined by social whim.
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The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the nation. While not looking to ban crypto altogether, the regulator has opted for a protective stance to prevent regular subjects and even traders from risking their funds through crypto investments.
Per the SEC, the following are no longer allowed to be traded in Thailand, effective June 11:
- Meme tokens, which the SEC describes as having no clear objective or substance or no support with the price depending on the trend in the social world. Though not mentioned by name, presumably this applies to meme-based coins such as dogecoin (DOGE), the price of which has influenced to a massive degree by celebrities, most notably Tesla CEO Elon Musk.
- Fan tokens, the digital assets that are created by personal preference.
- NFTs, which for a few brief months this year was the hottest sector of crypto. They are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers. Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another.
- Exchange tokens such as those issued by Binance , Uniswap (UNI) and FTX (FTT) that allow holders to get benefits such as reduced transaction fees on the corresponding exchange.
Exchanges have 30 days from the effective date to amend their listing rules to reflect the new regulations.
CORRECT (June 13, 13:24 UTC): Changes definition of "fan tokens" and adds that exchanges must amend their listing rules to reflect the new regulations within 30 days of the effective date.
Read more: Thai SEC Warns DeFi Transactions Could Be Subject to Applicable Licensing Law
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