Thai SEC bans exchanges from handling sure token varieties as well as NFTs

Local exchanges currently have till July 11 to update their rules for listing tokens so as to be in compliance with SEC pointers.

Thailand’s Securities and Exchange Commission has approved pointers prohibiting crypto exchanges within the country from supporting four differing types of tokens in sure cases.

In a Friday announcement from the Thai SEC, the regulative body aforementioned that Secretary-General Ruenvadee Suwanmongkol had approved crypto exchange pointers, Notification 18/2564 on “Rules, Conditions and Procedures for endeavor Digital plus Business,” on Wed to travel into impact. The new rules ban Thai exchanges from handling meme-based tokens, fan-based tokens, nonfungible tokens (NFTs) and exchange-issued tokens.

For tokens issued by exchanges, the SEC aforementioned that any cryptocurrencies had to exactly change to the descriptions in their several white papers also as any existing pointers for digital assets. If exchanges cannot meet these conditions, the regulative body aforementioned they’d ought to delist the token. in line with the SEC, Thai exchanges have thirty days to update their rules for listing tokens to be in compliance with the new pointers.

This change in policy would supposedly have an effect on tokens as well as Dogecoin (DOGE), a meme-based cryptocurrency whose value has up considerably since last year, also as Bitkub Coin (KUB), the native token of the native crypto exchange of a similar name.

Thailand’s Securities and Exchange Commission has issued variety of pointers and statements for individual traders and crypto corporations this year, generally with harsh backlash from the general public. The regulative body planned a one million tical — roughly $32,000 — minimum annual financial gain demand for crypto investment in Thailand, and officers have hinted that investors ought to be needed to attend a cryptocurrency mercantilism coaching course or pass a take a look at to prove their information.

The Southeast land has had a sophisticated relationship with crypto for years. In Feb, Thailand’s touristry board targeted on targeting Japanese crypto holders, ostensibly in an attempt to revive the business throughout the pandemic (many nationalities square measure unable to enter the country while not quarantining.) However, the govt has conjointly planned stricter recognize Your client needs within the country, requiring exchanges to physically scan chips embedded in Thai national ID cards.