Thailand’s Securities and Exchange Commission has announced new rules for cryptocurrency exchanges in the country, including a ban on utility tokens and meme tokens.
Fast Facts:
- The SEC’s new rules restrict crypto exchanges from providing services related to meme tokens such as Dogecoin, fan tokens or tokens issued by influencers, non-fungible tokens and tokens issued by exchanges to facilitate transactions.
- According to a statement dated June 12, the new rules detailed in the “Notification of the Securities and Exchange Commission No. Kor Thor. 18/2564 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses (No. 11)” are effective from June 11, without retrospective effect. Exchanges must comply with the new rules within 30 days.
- The SEC says the new regulatory guideline “aims to enhance protection of digital asset traders’ interest.”
- The SEC’s latest regulatory clampdown on crypto follows a warning earlier this month that decentralized finance projects seeking to issue tokens must first obtain SEC approval.