The Securities and Exchange Commission of Thailand has decided to actively prevent the opportunity for its citizens to lose their capital – and to prevent the trading of Elon Musk’s favorite currencies
The boom and hype last year in meme investments from subreddit r/wallstreet bets and the initial boom of NFTs—didn’t go unnoticed by regulators. Now, the Securities and Exchange Commission of Thailand announces for the first time that it will take action against them.
Dogecoin is not accepted in Kawasan
The Securities and Exchange Commission of Thailand (SEC) has announced that it is banning the sale of meme coins – such as Elon Musk’s beloved Dogecoin – and NFT (or non-fungible tokens), as part of a large-scale move to regulate crypto trading.
The STC’s move against these currencies does not include major and more popular currencies such as Bitcoin or Ethereum, and stems from its desire to prevent the conversion of currencies, whose value is determined solely by social trends, into widespread use. Of which.
The ban on meme and NFT coin trading is part of a broader SEC program that seeks to prevent people from losing a lot of money just because they were fascinated by the magic of one or another memes.
A statement from the network states that as of this weekend, all coins that “have no apparent purpose or value” are trading in circulation such as the Dogecoin-headed mime coins — which will be launched based on the amount of Elon Musk tweets on the topic or Crashed when Tesla mentioned it on Saturday Night Live.
As mentioned earlier, NFTs – which gained fame for a short time and have since become a relatively marginal phenomenon in Thailand – have been banned because they can no longer be traded once they have been purchased by a specific person from the seller who provided them in the first place. In addition, exchange tokens have been banned in Thailand – currencies received by users of crypto exchanges (like Binance, for example), which allow them to receive benefits such as reduced commissions for trading on the specific exchange through which they received the currency.
In a statement issued by the Securities and Exchange Commission of Thailand, all cryptocurrency exchanges operating in the country are given 30 days to update their policies in accordance with the new guidelines, after which time they must stop trading all currencies prohibited by law.
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