The Securities and Exchange Commission of Thailand 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 saying that Secretary General Ruenvadee Suwanmongkol had approved the crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to take effect. The new rules prohibit Thai exchanges from handling meme-based tokens, fan-based tokens, non-fungible tokens (NFTs), and tokens issued by exchanges.
For tokens issued by exchanges, the SEC said that cryptocurrencies had to precisely conform to the descriptions in their respective white papers, as well as existing guidelines for digital assets. If exchanges cannot meet these conditions, the regulator said they would have to remove the token from the list. According to the SEC, Thai exchanges have 30 days to update their rules for listing tokens to comply with the new guidelines.
This policy change would reportedly affect tokens that include Dogecoin (DOGE), a meme-based cryptocurrency whose price has risen significantly since last year, as well as Bitkub Coin (KUB), the native token of the same local crypto exchange. Name.
The Securities and Exchange Commission of Thailand has issued a number of guidelines and statements for sole traders and crypto companies this year, sometimes with harsh reaction from the public. The regulatory body has proposed a minimum annual income requirement of 1 million baht, roughly $ 32,000, for cryptocurrency investment in Thailand, and officials have hinted that investors should be required to attend a training course in trading in Thailand. cryptocurrencies or pass a test to prove your knowledge.
Related: Thai SEC Forced To Clarify Proposed Crypto Rules After Public Backlash
The Southeast Asian country has had a complicated relationship with cryptocurrencies for years. In February, Thailand’s tourism board focused on targeting Japanese crypto holders, apparently in an effort to revive the industry during the pandemic (many nationalities are unable to enter the country without quarantining themselves) .The government, however, It has also proposed more stringent Know Your Customer requirements at home, requiring exchanges to physically scan the chips embedded in the ID cards of Thai citizens.