Thailand SEC Banned Meme Coins and NFT Trading

Thailand's Securities and Exchange Commission has introduced new bans as part of its anti-cryptocurrency program. Under the new rules, meme coins trading, including Dogecoin, as well as fan tokens and art objects in the form of NFT tokens, are prohibited.

NFTs are non-fungible tokens that give exclusive ownership of various digital objects: texts, images, audio recordings, digital artwork, game items or characters, domain names, financial instruments, etc.

An NFT token is a password-protected link to an art object, domain name, or an image of game characters.

“Doge” Meme Sold for $4 Million as an NFT Token

The “Doge” meme of a Shiba Inu dog was sold as a non-fungible token at the Zora online auction for $4 million. Thus, the image that spawned the Dogecoin cryptocurrency became the most expensive NFT meme of all time.

Bradley RhodesRecorded News — Tech News

Its difference from cryptocurrencies is that NFT tokens are unique and not comparable in value to each other. That is, Elon Mask's NFT token is not equal to another user's NFT token, like, for example, bitcoin in the wallet of different cryptocurrency owners. Each of the NFT tokens is unique and cannot be copied. In April, the sales of the NFT market exceeded $2 billion.

The regulatory action mainly targets meme coins such as Dogecoin (DOGE), which started out as a cryptocurrency joke. Exchanges have now asked to remove coins from this category along with utility tokens, NFTs, and other social tokens for 30 days. Thailand's SEC noted that these new rules will help protect traders and investors from speculative tokens, which, according to the regulator, mostly follow influencers and media trends.

The regulator's statement says that cryptocurrency exchanges must comply with the new rules. Otherwise, the regulator will take appropriate actions to limit the platforms' operation