Thailand’s Securities and Exchange Commission (SEC) has decided to ban the use of so-called meme cryptocurrencies, exchange-issued tokens and non-fungible tokens (NFTs).
The stricter view on specific crypto tokens was unveiled in an announcement published on the commission's website on Friday.
The decision is set to come into effect on Wednesday when any company supporting similar operations will have to follow the regulator's decision or face sanctions.
There will be a grace period after Wednesday for the next 30 days during which exchanges can make sure their offering is compliant.
Now that Thailand is taking a harder stance on certain crypto assets, popular tokens such as dogecoin will no longer be available once the grace period expires.
Thailand is also looking to make sure that people investing in cryptocurrencies are doing so out of knowledge, and not following on “hype”.
Officials have argued that investors should also be required to pass cryptocurrency trading training courses before they can participate, but this could hurt the industry.
Thailand has not been very keen on cryptocurrencies as a whole and has targeted stakeholders on veracious occasions. The government has toyed with the idea of tighter Know Your Customer requirements, which goes against the grain of cryptocurrencies that are usually built around privacy.
The latest SEC ruling could pave the way for a safer crypto economy, albeit one that is cut out of some of the most exciting developments surrounding the industry right now.
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