Thailand's Securities and Exchange Commission (SEC) has just banned local crypto exchanges from trading meme cryptos such as Dogecoin, fan tokens and collectibles based on non-fungible tokens (NFTs).
The country's SEC secretary general, Ruenvadee Suwanmongkol, has said the regulator has prepared a guide for crypto exchanges outlining the types of digital assets whose trading is no longer allowed.
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The guide mainly includes currencies "having no clear objective or substance or underlying, and whose price running on social media trends." Digital currencies based on Internet memes and native exchange tokens are also banned.
The restrictions came into force last June 11 and are not retroactive. Platforms have 30 days to review their regulations; otherwise, they will be forced to remove the coins.
Thailand's SEC announced in early June activities related to digital tokens may require licensing from the financial regulator in the future.