The Thai financial regulator is having none of the meme cash, NFTs, fan tokens, and replace tokens.
Thai SEC Prohibits Trading of Meme Tokens
In an announcement made no longer too long ago, the Thai financial regulator, the Securities and Alternate Commission (SEC) said it used to be striking a ban on several of the freshest buying and selling tokens in the cryptocurrency market akin to meme cash, replace tokens, NFTs, and fan tokens.
Per sources terminate to the subject, the SEC’s determination is aimed toward cleansing the native digital currency market and making sure individual safety.
Extra, the slouch could well simply furthermore be considered as a win obvious for the broader cryptocurrency industry as the regulator is committed to making sure consumers simplest commerce in respectable cryptocurrency initiatives as adversarial to striking a blanket ban on all crypto buying and selling.
What Is No longer Allowed to Be Traded?
In accordance with the SEC filing, the following could well no longer be allowed to be traded in Thailand from June 11 onwards:
1) Meme tokens – The Thai SEC has made it decided that meme tokens accept as true with out a intrinsic charge nor a clear aim or substance to elaborate their model. Basically, the worth is largely depending on the most fresh pattern in the social world. Whereas the regulator did no longer mention it by determine, it won’t be a stretch to remember that such meme tokens consist of the likes of Dogecoin (DOGE) whose model is heavily depending on celebrities akin to Elon Musk tweeting about it.
2) Fan tokens – These consist of digital resources that signify the possession of a vote casting simply and give the holder win valid of entry to to club-disclose rewards and services and products. These tokens could well simply furthermore be traded for loads of goods and services and products akin to VIP experiences, etc.
3) NFTs – The crypto industry witnessed the hastily upward push and retreat of the NFT euphoria earlier this 365 days. Particularly, not like fashioned digital resources, NFTs can no longer be at once traded with one one more.
4) Alternate tokens – These consist of the likes of Binance’s BNB, FTX’s FTT, Uniswap’s UNI, and the partiality. Most regularly, replace tokens give their holders a huge form of advantages akin to discounted buying and selling charges on the replace, eligibility for airdrops, and others.