Thai SEC bans exchanges from handling certain token types including NFTs

Thailand’s Securities and Exchange Commission has permitted tips prohibiting crypto exchanges within the nation from supporting 4 completely different types of tokens in certain circumstances.

In a Friday announcement from the Thai SEC, the regulatory physique said that Secretary-General Ruenvadee Suwanmongkol had permitted crypto change tips, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to enter impact. The new guidelines ban Thai exchanges from handling meme-based tokens, fan-based tokens, nonfungible tokens (NFTs) and exchange-issued tokens.

Source: Thai Securities and Exchange Commission

For tokens issued by exchanges, the SEC stated that any cryptocurrencies needed to exactly conform to the descriptions of their respective white papers in addition to any current tips for digital belongings. If exchanges can’t meet these circumstances, the regulatory physique stated they must delist the token. According to the SEC, Thai exchanges have 30 days to replace their guidelines for itemizing tokens to be in compliance with the brand new tips. 

This change in coverage would purportedly have an effect on tokens including Dogecoin (DOGE), a meme-based cryptocurrency whose worth has risen considerably since final 12 months, in addition to Bitkub Coin (KUB), the native token of the native crypto change of the identical identify. 

Thailand’s Securities and Exchange Commission has issued various tips and statements for particular person merchants and crypto corporations this 12 months, generally with harsh backlash from the general public. The regulatory physique proposed a 1 million baht — roughly $32,000 — minimal annual earnings requirement for crypto funding in Thailand, and officers have hinted that traders must be required to attend a cryptocurrency buying and selling coaching course or go a take a look at to show their data.

Related: Thai SEC compelled to make clear proposed crypto guidelines after public backlash

The Southeast Asian nation has had an advanced relationship with crypto for years. In February, Thailand’s tourism board centered on concentrating on Japanese crypto holders, seemingly in an effort to revive the business throughout the pandemic (many nationalities are unable to enter the nation with out quarantining.) However, the federal government has additionally proposed stricter Know Your Customer necessities within the nation, requiring exchanges to bodily scan chips embedded in Thai citizen ID playing cards.