Thai SEC Orders Exchanges to Delist Meme Cash, NFTs and Social Tokens

In short

  • The Thai SEC does not see the humorous aspect to Dogecoin.
  • It is ordered exchanges to delist meme cash.
  • Additionally banned: NFTs, change tokens and fan tokens.

Pisscoin, CumRocket, Dogecoin—none had been humorous sufficient to cease Thailand’s Securities and Trade Fee from banning meme cash.

The ban, handed on Wednesday, carried out yesterday and announced today, additionally bars cryptocurrency exchanges from itemizing NFTs, utility tokens and social tokens. Exchanges have 29 days to delist the cash.

The Thai SEC defines meme tokens as these which have “no clear goal or substance or underlying [value],” and whose value depends on social media traits. 

This definition could possibly be utilized to all cryptocurrencies—Elon Musk’s tweets have decided the worth of Bitcoin all year long. 

Nevertheless, it’s extra prone to consult with meme cash like Dogecoin, a extremely unstable coin additionally manipulated by Elon Musk however one broadly accepted as a meme somewhat than an aspirant of excessive finance. 

The ban additionally prohibits exchanges from itemizing NFTs—non-fungible tokens, normally based mostly on Ethereum, that operate as hosts for digital property, normally artwork. A few of these tokens are wildly worthwhile; a billionaire purchased a CryptoPunks NFT for $11.5 million this week.

Additionally affected by the ban are social tokens, outlined by the Thai SEC as “fan tokens.” These are tokens that characterize some influencer, and might typically be redeemed for merchandise or 1 on 1 time with the influencer. 

A big Thai cellphone store, J Mart, was gearing up for mass distribution of its personal cryptocurrency, in response to the Bangkok Post. The retailer had reportedly deliberate to hyperlink its tokens to well-liked celebrities. The brand new regulation will scupper these plans.

The ultimate class of tokens affected by the ban are change tokens. These tokens, like OKEx Token, Huobi Token or BNB, reduce transaction charges for many who maintain them. 

The SEC did not clarify why it is banning these cash.

Earlier this month, the SEC introduced intentions to additional regulate crypto. “The issuance of digital tokens should be licensed and overseen by the Securities and Trade Fee,” stated the SEC, as quoted within the Bangkok Post.

So, what are the SEC’s favourite memes? 

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