Thai SEC bans Meme Token, Fan Token, NFT Token and Exchange-issued Token

Thai SEC (Securities and Exchange Commission) has banned digital asset exchanges from trading meme- or fan-based tokens, non-fungible tokens and exchange-issued tokens.

In a Friday announcement from the Thai SEC, Ruenvadee Suwanmongkol, the regulator’s secretary-general said that the SEC had approved crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday, following one or any characteristics:

  • Having no clear objectives or substance, and whose prices are dictated by social media trends, or meme-based tokens
  • Tokenized by the fame of influencers, or fan-based tokens
  • A digital creation to declare ownership or grant rights in an object or specific right; it is unique and not interchangeable with digital tokens of the same category and type at the equal amount, or non-fungible tokens
  • Digital tokens that are utilized in a blockchain transaction and issued by digital asset exchanges or related persons

Thai exchanges have 30 days to update their rules for listing tokens to be in compliance with the new guidelines, Thai SEC said.

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