Thai SEC bans exchanges from handling certain token types including NFTs
June 11, 2021. Summarized by summa-bot.
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The new Thai SEC rules ban local exchanges from supporting meme-based tokens, fan-based tokens, nonfungible tokens, and exchange-issued tokens.
Thailand’s Securities and Exchange Commission has approved guidelines prohibiting crypto exchanges in the country from supporting four different types of tokens in certain cases.
In a Friday announcement from the Thai SEC, the regulatory body said that secretary-general Ruenvadee Suwanmongkol had approved crypto exchange guidelines, notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to go into effect.
For tokens issued by exchanges, the SEC said that any cryptocurrencies had to precisely conform to the descriptions on their respective white papers as well as any existing guidelines for digital assets.
According to the SEC, Thai exchanges have 30 days to update their rules for listing tokens to be in compliance with the new guidelines.
Thailand’s Securities and Exchange Commission has issued a number of guidelines and statements for individual traders and crypto firms this year, sometimes with harsh backlash from the public.