Thailand has imposed a selective ban on the cryptocurrency industry in the country. Two targets in this ban are meme coins and NFTs. The Securities and Exchange Commission (SEC) Board has ordered the cryptocurrency exchanges in the country to not provide any services related to these two tokens.
While talking about the new resolution that was passed on Jue 09, Ruenvadee Suwanmongkol, the SEC Secretary-General, said, “The board passed the new law under Rules, Conditions and Procedures for Undertaking Digital Asset Businesses.”
According to the new law, the cryptocurrency exchanges in the country are prohibited from listing utility tokens and certain cryptocurrencies on their platform.
The law imposed by the Thai SEC states that after June 11, any of the crypto exchanges in the country would not be allowed to list the meme tokens, Fan tokens, NFTs and Digital tokens on their platform. The exchanges would receive 30 days notice for delisting those tokens from the platform.
As per the Thai SEC, the new regulatory guidelines would help the authorities in protecting the digital asset traders’ interests.
The newly implemented law points that meme tokens do not have any clear objective and based on their social media trends, their value fluctuates. It further deemed the value of Fan tokens and stated it to unfit for the traders.
Additionally, the new rule specifies that the exchanges “set a requirement to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange.”
Notably, any of the exchanges that failed to comply with new SEC rules would have to face the consequences, as they might have to delist the tokens from their platform.
The new guidelines introduced by the SEC of Thailand are the latest efforts put by the country in regulating the crypto industry.