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JAKARTA – The price of cryptocurrencies undergoes a correction this weekend. On the other hand, bad news has come from the Thai government. Thailand’s Stock and Securities Commission (SEC) is reportedly implementing a new policy regarding cryptocurrency trading.
According to Bitcoin News, Thailand’s Securities and Exchange Commission has banned crypto exchanges in the country from trading certain coins, including meme coins, fan tokens, and non-fungible (NFT) tokens.
The implementation of the policy was announced by the Thai SEC on Friday. The new rules have been approved by the board of directors to regulate cryptocurrency trading.
Secretary-General Renvede Suwanmongkol revealed that the board meeting held on June 9 resulted in a deal that approved SEC Opinion No.Kor Thor. 18/2564 to be applied in his country, as reported by Bitcoin News.
The Thai SEC has officially banned types of cryptocurrencies that include even tokens, as they are deemed to have no clear underlying purpose when price is simply following the trend. Then the fan tokens, because they are marked by the popularity of influencers only. Finally, NFT. The SEC did not provide a clearer reason for the ban on NFT trading.
With this policy, it is likely that popular coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) and Football Stars (FTS) tokens will be affected by the settlement.
A number of tokens that fall into the above categories have the potential to be removed from cryptocurrency exchanges in Thailand. The SEC implemented the policy under the pretext of “increasing the protection of the interests of digital asset traders.”
Thai regulators have also called on crypto exchanges in Thailand to comply with these regulations and revise the list of tokens traded. Crypto trading platforms have a maximum period of 30 days to revise the list of tokens on the stock exchange. From the date of entry into force of the regulation.
“After its publication in the Official Gazette, the notification takes effect on June 11, 2021 without retroactive effect,” the Thai SEC wrote.
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