Bitcoin
$63,798.86-1.86%
Ethereum
$3,051.04-1.66%
Binance Coin
$557.52-0.59%
Solana
$141.72-1.51%
XRP
$0.52082092+3.90%
Dogecoin
$0.15269013-0.06%
Toncoin
$6.17-10.51%
Cardano
$0.47795193+2.31%
Shiba Inu
$0.00002315-1.12%
Avalanche
$35.11-0.84%
Wrapped Bitcoin
$64,017.96-1.65%
Bitcoin Cash
$489.73+2.32%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
07
HR
48
MIN
08
SEC
Markets

No DOGE Allowed? Thai SEC Bans Meme, Fan and Exchange Tokens as Well as NFTs

The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the nation.

By Kevin Reynolds
AccessTimeIconJun 12, 2021 at 3:54 p.m. UTC
Updated Sep 14, 2021 at 1:10 p.m. UTC
doge_unsplash_mathis_jrdl
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Thailand's Securities and Exchange Commission (SEC) announced Friday it has banned several of the hottest types of tokens in cryptocurrency, including meme tokens, fan tokens and non-fungible tokens (NFTs), in an apparent attempt to rein in trading in crypto instruments in which the prices are largely determined by social whim.

The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the nation. While not looking to ban crypto altogether, the regulator has opted for a protective stance to prevent regular subjects and even traders from risking their funds through crypto investments.

Per the SEC, the following are no longer allowed to be traded in Thailand, effective June 11:

  • Meme tokens, which the SEC describes as having no clear objective or substance or no support with the price depending on the trend in the social world. Though not mentioned by name, presumably this applies to meme-based coins such as dogecoin (DOGE), the price of which has influenced to a massive degree by celebrities, most notably Tesla CEO Elon Musk.
  • Fan tokens, the digital assets that are created by personal preference.
  • NFTs, which for a few brief months this year was the hottest sector of crypto. They are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers. Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another.
  • Exchange tokens such as those issued by Binance (BNB), Uniswap (UNI) and FTX (FTT) that allow holders to get benefits such as reduced transaction fees on the corresponding exchange.

Exchanges have 30 days from the effective date to amend their listing rules to reflect the new regulations.

CORRECT (June 13, 13:24 UTC): Changes definition of "fan tokens" and adds that exchanges must amend their listing rules to reflect the new regulations within 30 days of the effective date.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.