Thai Investors might have to reconsider their 'alternative' investments.
They banned all of the digital assets with no clear substance or objective, tokenized by the fame of influencers and dependent on social media trends.
India Today said:The law prohibits crypto exchanges in the country from listing utility tokens and certain types of cryptocurrencies. This includes Meme tokens, Fan tokens, Non-fungible tokens (NFT) and Digital tokens. The Thai SEC has directed digital asset exchanges to delist these within 30 days of the effective date of the notice, that is, June 11.
The Thai SEC states that the new regulatory guideline is meant to protect the interest of digital asset traders. It mentions that meme coins have “no clear objective or substance or underlying” and that their price is largely dependent on social media trends. Some famous examples of these include Dogecoin, SafeMoon, and Shiba Inu. Similarly, the SEC points out Fan tokens as those which are “tokenized by the fame of influencers,” deeming them unfit for traders.
They banned all of the digital assets with no clear substance or objective, tokenized by the fame of influencers and dependent on social media trends.
Thailand bans meme coins, NFTs and exchange tokens in new regulation for crypto market
The Thai SEC board has issued a new Gazette banning specific tokens.
www.indiatoday.in