The Securities and Exchange Commission of Thailand won’t laugh at meme coins.
In a nutshell, the Thai SEC doesn’t find Dogecoin amusing.
Meme coin delisting has been mandated on exchanges.
NFTs, exchange tokens, and fan tokens are also prohibited.
None were amusing enough to prevent Thailand’s Securities and Exchange Commission from outlawing meme coins, including Pisscoin, CumRocket, and Dogecoin.
NFTs, utility tokens, and social tokens cannot be listed on cryptocurrency exchanges under the prohibition, which was passed on Wednesday, put into effect yesterday, and publicized today. There are 29 days for exchanges to delist the currency. Meme tokens are those, according to the Thai SEC, that depend on social media trends in price and have “no obvious aim or substance or underlying [worth].”
The price of Bitcoin has been influenced by Elon Musk’s tweets throughout the year, therefore this concept might be applied to all cryptocurrencies.
It is more likely to refer to meme coins, like Dogecoin, a highly volatile coin that Elon Musk also manipulates but which is usually seen as a meme rather than a candidate for high finance.
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The restriction also forbids exchanges from listing NFTs, which are non-fungible tokens that serve as hosts for digital assets, typically works of art and are typically based on Ethereum. Some of these tokens are extremely valuable; this week, a billionaire spent $11.5 million for a CryptoPunks NFT.
Social tokens, which the Thai SEC refers to as “fan tokens,” are also subject to the restriction. These are symbols that stand in for some influencer and are frequently exchangeable for goods or one-on-one time with the influencer.
According to the Bangkok Post, a significant Thai phone store named J Mart was preparing to distribute its own cryptocurrency widely. The business apparently intended to associate its tokens with well-known personalities. These initiatives will fail due to the new regulation.
Exchange tokens are the last category of tokens that are prohibited. For people who have these tokens, such as OKEx Token, Huobi Token, or BNB, transaction fees are reduced.
Why it is outlawing these currencies is not stated by the SEC.
The SEC unveiled plans to further regulate cryptocurrency earlier this month. The Securities and Exchange Commission (“SEC”) must approve and supervise the issuing of digital tokens, according to the SEC, as reported in the Bangkok Post.
So which memes are the SEC’s favourites?
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