<span style="font-weight: 400">The Securities and Exchanges Commission(SEC) of Thailand has ratified fresh guidelines prohibiting crypto exchanges from supporting NFTs, among four different types of tokens. The <a href="https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=8991" target="_blank" rel="nofollow noopener">new set of rules</a> would bar cryptocurrency exchanges in the country from supporting certain types of digital assets.</span>
<h2><span style="font-weight: 400">Crypto Exchanges in Thailand to Delist Tokens that Fail to Meet New Guidelines</span></h2>
<span style="font-weight: 400">Thai SEC announced on Friday that it would ban crypto exchanges from dealing in meme-based tokens, fan-based tokens, nonfungible tokens (NFTs), and exchange tokens. The commission's </span><span style="font-weight: 400">Secretary-General Ruenvadee Suwanmongkol approved the Notification 18/2564 on “Rules, Conditions, and Procedures for Undertaking Digital Asset Business,” on Wednesday. The new guidelines will be implemented with immediate effect.</span>

<span style="font-weight: 400">Regarding exchange-issued tokens, the SEC commented that any virtual currency must satisfy the description outlined in its white paper. An exchange coin should also comply with the existing rules for digital assets. If an exchange fails to meet these conditions, the SEC would delist the token. Thai exchanges have been asked to update their listings to reflect the changed guidelines within 30 days.</span>

<span style="font-weight: 400">The new rules would most likely affect meme-currencies like <a href="https://www.cryptoknowmics.com/news/vitalik-buterin-reveals-he-made-43m-from-25000-investment-in-dogecoin/">Dogecoin(DOGE)</a> and Bitkub coin, a native cryptocurrency created by an exchange with the same name.</span>
<h2><span style="font-weight: 400">Thailand is Tightening Crypto Regulations Amid Public Backlash</span></h2>
<span style="font-weight: 400">The regulatory body has issued several guidelines on crypto trading and businesses this year. In March, the SEC drew public ire when it proposed that investors seeking to trade in cryptocurrencies must have an annual income of 1 million baht or $32,000. Officials have also suggested that investors should be required to attend a cryptocurrency trading course or exam to demonstrate their knowledge of the domain.</span>

<span style="font-weight: 400">Thailand is the world’s most regulated <a href="https://www.cryptoknowmics.com/news/thailand-imposed-aml-law-mandates-physical-id-checks-of-crypto-investors/">crypto market.</a> But interest in digital assets continues to soar. The combined crypto trading volume in the country hovered around $2.17 billion in January. According to a recent proposal, the government wants to tighten its Know Your Customer(KYC) requirements and make it mandatory for exchanges to physically scan the chips found in citizen ID cards.</span>

Thailand SEC Prohibits Crypto Exchanges from Handling NFTs

The Securities and Exchanges Commission(SEC) of Thailand has ratified fresh guidelines prohibiting crypto exchanges from supporting for NFTs.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Thailand SEC Prohibits Crypto Exchanges from Handling NFTs

Top Picks