Thailand’s Securities and Exchange Commission (SEC) announced Friday it has banned several of the hottest types of tokens in cryptocurrency, including meme tokens, fan tokens and non-fungible tokens (NFTs), in an apparent attempt to rein in trading in crypto instruments in which the prices are largely determined by social whim.
The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the nation. While not looking to ban crypto altogether, the regulator has opted for a protective stance to prevent regular subjects and even traders from risking their funds through crypto investments.
Per the SEC, the following are no longer allowed to be traded in Thailand, effective June 11:
Exchanges have 30 days from the effective date to amend their listing rules to reflect the new regulations.
CORRECT (June 13, 13:24 UTC): Changes definition of “fan tokens” and adds that exchanges must amend their listing rules to reflect the new regulations within 30 days of the effective date.
First published on: Coindesk