Thailand bans meme coins, NFTs and exchange tokens in new regulation for crypto market

The Thai SEC board has issued a new Gazette banning specific tokens.

Thailand has announced a selective ban on cryptocurrency trading that targets meme coins and NFTs. The Securities and Exchange Commission (SEC) Board prohibit digital asset exchanges from providing services in relation to these tokens. The new resolution was passed in an SEC Board meeting held on June 9, 2021. As per SEC Secretary-General Ruenvadee Suwanmongkol, the board passed the new law under “Rules, Conditions and Procedures for Undertaking Digital Asset Businesses,” which came to effect on June 11 following its publication in the Government Gazette. The law prohibits crypto exchanges in the country from listing utility tokens and certain types of cryptocurrencies. This includes Meme tokens, Fan tokens, Non-fungible tokens (NFT) and Digital tokens. The Thai SEC has directed digital asset exchanges to delist these within 30 days of the effective date of the notice, that is, June 11.