Thailand bans trading of Dogecoin and NFTs

The Thai Securities and Exchange Commission (SEC) banned local exchanges from trading meme cryptocurrencies, fan tokens, and NFTs.

The restrictions affect cryptocurrencies akin to Dogecoin and collectibles in the form of non-fungible tokens.

SEC Chief Ruenvadi Suwanmongkol said the agency had prepared guidelines for crypto exchanges describing the features of digital assets prohibited from trading.

They relate primarily to coins that have no clear purpose or substance, developing according to social-media-driven trends. Also banned are meme-based digital currencies and exchange-native tokens.

The restrictions came into effect on June 11 and are not retroactive. Within 30 days, trading platforms must review their rules; otherwise this will lead to compulsory delisting of coins.

Earlier in June, Thai authorities began considering regulation of the DeFi sector. According to the SEC, token-related activity may require licensing from the financial regulator in the future.

In May, media reported plans to require local Bitcoin exchanges to scan chips embedded in citizens’ identification cards when opening new accounts.

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