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Crypto exchanges in Thailand have been banned from trading meme-based tokens and non-fungible tokens (NFTs). The ban came from the country’s Securities and Exchange Commission (SEC) on the 11th of June. The affected tokens include Dogecoin, which was created as a joke about seven years ago, but has gained incredible popularity over the years.
According to the SEC secretary-general Ruenvadee Suwanmongkol, exchanges in Thailand will continue to trade assets with specific characteristics. According to the secretary-general, all assets that do not have clear objectives or are influenced by social media are banned. Suwanmongkol added that digital assets that are tokenized by influencers or are unique and can not be interchanged with similar tokens are now also banned from trading in Thailand. In addition, tokens used in a blockchain transaction and issued by exchanges will no longer trade in the country.
The new ban enacted with immediate effect will allow exchanges to comply within 30 days. After that, non-compliant crypto exchanges will have their tokens delisted by the government.
Thailand’s new regulation came as regulators in The Netherlands called for a ban on Bitcoin and other cryptocurrencies.
On the other hand, El Salvador has become the first country to accept Bitcoin as a legal tender.
Image Credits: Pixabay
