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Thailand’s SEC Bans NFTs and Meme-Based Tokens

Secretary-General Ruenvadee Suwanmongkol of the Thai SEC has approved new crypto exchange guidelines which issue a ban on Thai exchanges from dealing with meme-based tokens, fan-based tokens, exchange-issued tokens, and, even NFTs.

The SEC has declared that any cryptocurrencies issued by exchanges have to be consistent with their separate white papers but also with any existing digital asset guidelines. If an exchange doesn’t follow these rules, the token will simply be delisted. Exchanges now have 30 days to adapt to the new changes.

These regulations are said to have dealt a blow to several tokens, such as Dogecoin and Bitkub Coin.

The Thai SEC has supported new crypto rules earlier this year, although many of them didn’t sit too well with the community, which has made the entity rethink its approach, as many claimed that it would have kept small and medium investors from joining the crypto market.

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