NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » Thailand Bans Trading Of Meme Coins, Fan Tokens, NFTs

    Thailand Bans Trading Of Meme Coins, Fan Tokens, NFTs

    By Reethu RaviJune 13, 2021Updated:September 21, 20223 Mins Read

    Thailand’s Securities and Exchange Commission (SEC) has banned crypto exchanges in the country from trading in certain types of tokens. This includes meme tokens, fan tokens,  non-fungible tokens (NFTs), as well as exchange-issued tokens.

    The move comes as part of the SEC’s attempt to implement a framework for crypto in the country. According to Secretary-General Ruenvadee Suwanmongkol, the board meeting held on June 9 had passed a resolution to enforce the ban. The SEC announced the new regulations on Friday, June 11. 

    Thailand Ban Tokens
    Thailand has banned meme coins, fan tokens, NFTs, and exchange tokens. Credits: Unsplash

    What tokens has Thailand banned?

    According to the announcement, the SEC has prohibited exchanges from “providing services related to utility tokens or cryptocurrencies” with any of the characteristics it has specified.

    First on the list are meme tokens. The Thai regulator defines meme tokens as those “having no clear objective or substance or underlying [value].” In addition, their prices are determined by social media trends.

    Meme coins like Dogecoins have surged in popularity due to endorsements from celebrities like Elon Musk. Recently, he had also accidentally promoted cryptocurrency CumRocket.

    The second on the SEC’s list is fan tokens. Fan tokens, as per SEC, are “tokenized by the fame of influencers.” Simply put, these tokens represent an influencer. These tokens can be used to redeem merchandise or for 1 on 1 time with the influencer.

    Next on the list is NFTs, which surged in popularity this year. Owners of NFTs have been raking in millions in recent months. For instance, a few days back, Sotheby’s auctioned a CryptoPunks NFT for $11.5 million. The auction house’s NFT sale featuring 27 artists had fetched a total of $17.1 million.

    The last token on the list is exchange tokens. This includes crypto exchange issued tokens that give holders benefits such as reduced transaction fees. For example, Binance’s BNB, FTX’s FTT, and Huobi’s Huobi Token are some of the common exchange tokens. 

    The crypto exchanges in the country will have 30 days to comply with the new regulations. 

    Crypto regulations spike in Thailand

    This year, the country’s crypto space has faced several regulations. Early this month, the SEC had announced that decentralized finance (DeFi) projects would potentially require a special license.

    “The issuance of digital tokens must be authorised and overseen by the Securities and Exchange Commission and the issuer is required to disclose information and offer the coins through the token portals licensed under the Digital Asset Decree,” the SEC was quoted as saying by the Bangkok Post.

    Thailand Ban Tokens
    Thailand has enforced several crypto regulations. Credits: Pixabay

    Meanwhile, last month, the country’s Anti-Money Laundering Office (AMLO) had announced new regulations in the crypto space. These would require in-person ID checks to open new crypto accounts. The regulations will come into effect in September.

    Thailand follows in the footsteps of countries like India, Nigeria, and Iran, which are mulling to ban or regulate cryptocurrencies. For instance, in February, Nigeria had banned cryptocurrencies. Meanwhile, in January, Iran had confiscated around 1,000 Bitcoin mining machines amid rising electricity consumption. 

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Previous ArticleBinance To Launch New On-Chain NFT Platform ‘Featured By Binance’
    Next Article Devolver Digital’s VHS NFT Sold Ahead of Release
    Reethu Ravi
    • Twitter
    • LinkedIn

    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

    More great NFT Evening content:

    NFL Rivals’ Digital Player Cards Drop First NFTs Tomorrow

    January 26, 2023

    Oreo Biscuits Creates Its Own Oreoverse Metaverse

    January 26, 2023

    Kevin Rose Gets Scammed For Millions Worth Of NFTs

    January 26, 2023

    Alethea AI Launches Text Prompt to NFT Avatar App: CharacterGPT

    January 26, 2023

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    GEN-X NFTs: The ’80s-Themed Collection Designed for an Entire Generation

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023

    Floor Acquires WGMI.io to Help Achieve its Mission

    January 25, 2023
    Latest NFT News

    NFL Rivals’ Digital Player Cards Drop First NFTs Tomorrow

    January 26, 2023

    Web3 Gaming Platform ‘Fractal’ Expands Onto The Polygon Network

    January 26, 2023

    Oreo Biscuits Creates Its Own Oreoverse Metaverse

    January 26, 2023

    Kevin Rose Gets Scammed For Millions Worth Of NFTs

    January 26, 2023

    Alethea AI Launches Text Prompt to NFT Avatar App: CharacterGPT

    January 26, 2023

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    GEN-X NFTs: The ’80s-Themed Collection Designed for an Entire Generation

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.