Crypto exchanges in Thailand will stop listing coins like DOGE
Major Updates
- Thailand has prohibited exchanges from listing meme coins such as DOGE and SHIB.
- The SEC has announced a set of criteria for determining the viability of each coin traded in Thailand.
- This new decision hasn't gone down well with Thais.
What exactly does the ban entail?
If you're in Thailand or a resident of Thailand, you can no longer buy meme coins, most notably dogecoin and Shiba Inu. Those are the most prominent meme coins in the crypto space right now, including non-fungible tokens. NFTs are a large rising digital asset in the world right now, and many people think it could be a bubble in the nft space, but that's up to the market to decide. The regulatory secretary-general said the exchanges are banned from trading utility tokens or cryptocurrencies that have one of any of the number of the following characteristics
Having no clear goal or substance, or whose prices are determined by social media trends or mean-based tokens
Tokenized by influencer fame or fan-based tokens
Digital creation is used to declare ownership or grant rights in an object or specific right; it is unique, cannot be interchanged with digital tokens of the same category, and comprises an equal number of non-functional tokens.
Digital tokens used in blockchain transactions that are issued by digital asset exchanges or related parties
The new laws prohibit Thai exchanges from dealing with meme-based tokens, fan-based tokens, nonfungible tokens (NFTs), and exchange-issued tokens. In addition, the SEC said that any cryptocurrencies issued by exchanges must strictly correspond to the above descriptions (included in their separate white papers), as well as any current criteria for digital assets. If exchanges cannot achieve these requirements, the regulatory authority has said that the token would be delisted.
Deadline for exchanges to delist banned assets
According to the SEC, Thai exchanges have 30 days to adjust their listing tokens to comply with the new requirements. This regulatory change is expected to impact currencies such as Dogecoin ( DOGE ), a meme-based cryptocurrency whose price has skyrocketed since last year. Bitkub Coin (KUB), the native token of the same-named local crypto exchange.
Thailand's Securities and Exchange Commission issued a slew of rules and guidelines for individual traders and crypto businesses this year, prompting some public outrage. For example, the regulatory authority recommended a minimum annual income threshold of 1 million baht — nearly $32,000 — for crypto investing in Thailand. In addition, the authorities have hinted that investors may be required to attend a cryptocurrency trading training course or pass a test to demonstrate their understanding.
The Thai Securities and Exchange Commission was forced to explain proposed cryptocurrency laws due to public outcry. For years, Southeast Asia has had a rocky relationship with cryptocurrency. In February, Thailand's tourist board targeted Japanese cryptocurrency users, ostensibly to boost the economy amid the epidemic (many nationalities are unable to enter the country without quarantine.) However, the government has proposed tighter Know Your Customer procedures in the country, requiring exchangers to scan chips placed in Thai citizen ID cards physically.
Conclusion
None of this is good for dogecoin or SHIB, and we hope that they will reconsider their decision in the future because many people are very passionate about dogecoin.
Question of the day
What factors do you believe prompted the Thai SEC to crack down on NFTs?
