Thai SEC bans exchanges from dealing with certain tokens, including NFT

Exchanges in Thailand have been given until July 11 to update token listing rules to comply with SEC guidelines.

Thailand’s Securities and Exchange Commission has approved a regulation banning domestic cryptocurrency exchanges from supporting four tokens under certain circumstances.

In an announcement on Friday from the Thai SEC, the regulator said that Secretary-General Ruenvadee Suwanmongkol has approved cryptocurrency trading guidelines, Notice 18/2564 on “Rules, conditions and procedures for conducting digital asset business” will Effective June 16. The new regulations prohibit Thai exchanges from handling meme-based tokens, fan tokens, NFTs, and exchange-issued tokens.

For tokens issued by exchanges, the SEC says that any cryptocurrencies must exactly comply with the descriptions in their respective prospectus as well as any existing guidelines for financial assets. digital product. If the exchanges cannot meet these conditions, the regulator said they will have to delete the token. According to the SEC, Thai exchanges have 30 days to update their rules to list tokens in compliance with the new guidelines.

This policy change is purported to affect coins like Dogecoin (DOGE), or Bitkub Coin (KUB), the native token of the local cryptocurrency exchange of the same name.

Thailand’s Securities and Exchange Commission issued a number of guidelines and statements to individual traders and cryptocurrency companies this year, sometimes met with a backlash from the public. The regulator has proposed a minimum income requirement of 1 million baht – about $32,000 annually for crypto investments in Thailand, and officials have suggested that investors take a training course. Create about cryptocurrency trading or pass a quiz to prove their knowledge.

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