Thailand bans Meme coins, fan tokens and NFTs from crypto exchanges
According to the watchdog, these types of cryptocurrencies lack any clear objective, substance or underlying value.
Regulators around the world are looking to tighten rules governing the crypto industry. One of those keen to get a handle on the rapidly growing market is Thailand. According to reports, the country’s markets regulator, the Thai Securities and Exchange Commission (SEC) has already made a decision that will impact the trading of Meme coins, fan tokens, and NFTs on crypto exchanges.
According to the SEC, these types of coins lack any clear objective, or substance and therefore lack any underlying value. The watchdog highlighted the fact that Meme cryptocurrencies were only driven by social media trends. The agency refrained from mentioning specific coins, but the recent upsurge by coins like Dogecoin (DOGE) and Shiba Inu coin (SHIB), shined a spotlight on meme coins.