NFT
Thailand Bans Meme Coins and Fan Tokens from Trading on Crypto Exchanges
The Thai Securities and Exchange Commission has established new rules for cryptocurrency exchanges in Thailand. It is prohibited to trade certain types of cryptocurrency, such as meme coins, fan coins and non-fungible tokens, on crypto exchanges.
Thailand Sets New Rules for Crypto Exchanges, Banning Certain Types of Cryptocurrencies
The Thai Securities and Exchange Commission announced Friday that the board of directors had approved new rules for cryptocurrency exchanges. Ruenvadee Suwanmongkol, Secretary General, stated that the June 9th board meeting had approved a resolution which approved the SEC Notification No. Kor Thor. 18/2564, which sets forth the rules.
Digital asset swaps are forbidden from “providing service related to utility tokens and cryptocurrencies that have any one of the following characteristics,” according to the SEC notice:
(1) Meme token: having no clear objective or substance or underlying, and whose price running on social media trends; (2) Fan token: tokenized by the fame of influencers; (3) Non-fungible token (NFT).
The prohibition also covers “Digital tokens that are used in a Blockchain transaction and issued digital asset exchanges, or related persons .”
Although the SEC didn’t mention any specific coins names, it is likely that meme cryptocurrencies like dogecoin and shiba coin (SHIB) are affected.
Crypto Exchanges Must Also Set a Requirement “In the Event That Digital Tokens Issued by Their Own Exchange or Related Persons are List on the Exchange” The regulator warned that token issuers who fail to adhere to white papers and other relevant rules could have their tokens removed from the exchange.
According to the SEC notice: “This new regulatory guidance aims to improve protection of digital asset trader’s interest.” It also adds:
The exchanges are required to comply and revise their listing rules in accordance with the Notification within 30 days from the effective date thereof.
The Thai SEC also noted that “After publication in the Government Gazette, the Notification has become effective from 11 June 2021 onwards without retrospective effect.”
What do you think about Thailand banning these cryptocurrencies from trading on crypto exchanges? Please comment below.
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Wes Davis is a weekend editor who covers the latest in tech and entertainment. He has written news, reviews, and more as a tech journalist since 2020.
A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.
Filed in New York’s Eastern District, the proposed class action lawsuit seeks “unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws.”
Nike tried to jump into the NFT game by buying RTFKT in 2021. But, like Starbucks Odyssey, it never quite worked out and the company abandoned the idea, announcing in December via the RTFKT X account that it planned to “wind down RTFKT operations” by the end of January this year.
Since then, RTFKT has seemingly been maintained by a single person named Samuel Cardillo, who spent Thursday posting through the sudden disappearance (and later reappearance) of artwork for its CloneX NFTs project.
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