South-East Asian backpacker magnet Thailand has announced a ban on NFTs, meme coins and exchange tokens.
Crypto enthusiasts within the country have been dealt a cruel blow this week. As such, Thailand’s Securities and Exchange Commission (SEC) has prohibited Thai markets from trading the digital assets. Furthermore, exchanges have been given 30 days to remove the tokens from their listings.
The SEC stated that the new rules are to protect traders from tokens that have “no clear objective or substance” and whose prices are motivated by social media trends and influencers. Over the last year, millions of people within Thailand have fallen victim to several high profile digital scams. Consequently, Thailand has felt a need to curb digital fraud within the country.
The change means that tokens such as the infamous Dogecoin are no longer tradable on Thai exchanges, as well as some of the more inappropriately named meme coins which have recently made headlines. The ban is effective immediately, however, exchanges have thirty days to de-list the assets from their sites.
The SEC has become wary of assets asserting a dubious ownership, following instances of individuals minting works that do not belong to them. Earlier in the year, DC Comics warned its artists that they do not own the rights to original artworks after a Wonder Woman NFT was sold for $1.85 million dollars.
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