Thailand Bans Meme Cash, Fan Tokens, NFTs From Buying and selling on Crypto Exchanges – Regulation Bitcoin Information

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The Thai Securities and Trade Fee (SEC) has enacted new guidelines for cryptocurrency exchanges working within the nation. Sure sorts of cryptocurrencies, together with meme cash, fan cash, and non-fungible tokens (NFTs), are prohibited to commerce on crypto exchanges.

Thailand Units New Guidelines for Crypto Exchanges, Banning Sure Forms of Cryptocurrencies

The Thai Securities and Trade Fee (SEC) introduced Friday that its board of administrators has authorised new guidelines governing cryptocurrency exchanges. Secretary-Basic Ruenvadee Suwanmongkol said that the board assembly held on June 9 had handed a decision approving the SEC Notification No. Kor Thor. 18/2564, which units forth the foundations.

Digital asset exchanges are prohibited from “offering providers associated to utility tokens or cryptocurrencies which have any of the next traits,” the SEC discover particulars:

(1) Meme token: having no clear goal or substance or underlying, and whose worth operating on social media developments; (2) Fan token: tokenized by the celebrity of influencers; (3) Non-fungible token (NFT).

The prohibition additionally consists of “Digital tokens that are utilized in a blockchain transaction and issued by digital asset exchanges or associated individuals.”

Though, the SEC didn’t point out the title of any particular cash, meme cryptocurrencies, like dogecoin (DOGE) and shiba inu coin (SHIB), are probably affected.

Crypto exchanges should additionally set a requirement “to be imposed within the occasion that digital tokens issued by their very own trade or associated individuals are listed on the trade.” Token issuers failing to adjust to their white papers and related guidelines danger having their tokens delisted from the trade, the regulator warned.

In accordance with the SEC discover, “This new regulatory guideline goals to boost safety of digital asset merchants’ curiosity.” It provides:

The exchanges are required to conform and revise their itemizing guidelines in accordance with the Notification inside 30 days from the efficient date thereof.

The Thai SEC additionally famous that “After publication within the Authorities Gazette, the Notification has turn into efficient from 11 June 2021 onwards with out retrospective impact.”

What do you concentrate on Thailand banning these cryptocurrencies from buying and selling on crypto exchanges? Tell us within the feedback part beneath.

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