Meme coins, fan coins and non-fungible tokens (NFTs) are prohibited from being traded.
Thailand says goodbye to dogecoin?
The country's CVM announced on Friday that its board of directors has enacted new rules governing cryptocurrency exchange offices. General Secretary Ruenvadee Suwanmongkol stated that the board meeting held on June 9 passed a resolution approving CVM Notice No. Kor Thor. 18/2564, which sets forth the rules. Exchanges of digital assets are prohibited from “providing services related to public service tokens or cryptocurrencies that have any of the following characteristics”, the SEC notice details:
“(1) Meme token: no clear purpose, substance or underlying, and whose price depends on social media trends; (2) Fan Token: Symbolized by the fame of influencers; (3) Non-Fungible Token (NFT).”
The ban also includes “digital tokens that are used in a blockchain transaction and issued by digital asset exchanges or related persons.” Although the Thai CVM has not mentioned the name of any specific currency, meme cryptocurrencies such as Dogecoin ( DOGE) and Shiba Inu Coin (SHIB) are likely affected. Crypto brokers should also establish a requirement "to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange." Token issuers who do not comply with their relevant documents and rules risk having their tokens removed from the exchange, warned the regulator.According to the SEC notice, “This new regulatory guideline aims to increase protection of the interests of asset traders digital.” Adds:
"The exchanges are required to comply with and revise their listing rules in accordance with the Notice within 30 days of its effective date."
The Thai SEC also noted that “After publication in the Government Gazette, the Notice took effect from June 11, 2022, with no retroactive effect.” What do you think of Thailand banning these cryptocurrencies from being traded on cryptocurrency exchanges ? Leave your opinion in the comments section below.