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Thailand’s Securities and Exchange Commission will not be amused by meme coins.
None of the meme currencies, including Pisscoin, CumRocket, and Dogecoin, were amusing enough to prevent Thailand’s Securities and Exchange Commission from outlawing them.
The prohibition, which was enacted on Wednesday, went into effect yesterday, and was publicised today, also prohibits cryptocurrency exchanges from listing NFTs, utility tokens, and social tokens. Exchanges have 29 days to remove the currency off their platforms.
The Thai Securities and Exchange Commission characterises meme tokens as having “no clear objective, substance, or underlying [value]” and whose price is determined by social media trends.
This notion may be applied to all cryptocurrencies—the price of Bitcoin has been dictated by Elon Musk’s tweets throughout the year.
It is more probable, though, to allude to meme coins like as Dogecoin, a highly volatile cryptocurrency likewise managed by Elon Musk but universally regarded as a joke rather than a high-finance wannabe.
The restriction also forbids exchanges from offering non-fungible tokens (NFTs), which are often based on Ethereum and serve as hosts for digital assets, mostly art. Some of these tokens are quite expensive; a millionaire just purchased a CryptoPunks NFT for $11.5 million.
The restriction also applies to social tokens, which the Thai SEC defines as “fan tokens.” These are tokens that symbolise a particular influencer and can frequently be exchanged for items or one-on-one time with the influencer.
According to the Bangkok Post, J Mart, a prominent Thai phone retailer, was preparing to mass distribute its own cryptocurrency. According to reports, the store intended to link its tokens to well-known celebrities. Those ambitions will be thwarted by the new regulation.
Exchange tokens are the final type of tokens affected by the prohibition. These tokens, such as OKEx Token, Huobi Token, or BNB, reduce transaction costs for holders.
The SEC did not explain why it is prohibiting these currencies.
Earlier this month, the SEC announced intentions to further regulate crypto. “The issuance of digital tokens must be authorized and overseen by the Securities and Exchange Commission,” said the SEC, as quoted in the Bangkok Post.
So, what are the SEC’s favorite memes?