Wednesday, February 28, 2024

Thai SEC orders exchanges to delist NFTs and meme coins, defined as those with “no objective or underlying value” whose price relies on social media trends (Robert Stevens/Decrypt)

Robert Stevens / Decrypt:Thai SEC orders exchanges to delist NFTs and meme coins, defined as those with no objective or underlying value whose price relies on social media trendsThailand’s Securities and Exchange Commission wont crack a smile at crypto’s meme coins.DogecoinIn brief
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Thai SEC Orders Exchanges to Delist Meme Coins, NFTs and Social Tokens

n short
The Thai SEC doesn’t see the amusing side to Dogecoin.
It’s purchased exchanges to delist meme coins.
Additionally banned: NFTs, exchange symbols as well as fan symbols.
Pisscoin, CumRocket, Dogecoin– none were amusing enough to stop Thailand’s Stocks and Exchange Compensation from banning meme coins.

The ban, handed down Wednesday, implemented the other day and also announced today, also bars cryptocurrency exchanges from noting NFTs, energy tokens and social symbols. Exchanges have 29 days to delist the coins.

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The Thai SEC specifies meme tokens as those which have “no clear goal or substance or underlying [worth],” and whose price relies on social media sites fads.

This definition could be put on all cryptocurrencies– Elon Musk’s tweets have actually established the cost of Bitcoin throughout the year.

Nonetheless, it is most likely to describe meme coins like Dogecoin, a highly unpredictable coin also manipulated by Elon Musk however one extensively accepted as a meme as opposed to an aspirant of high financing.

Obtain it!
The ban additionally restricts exchanges from detailing NFTs– non-fungible tokens, generally based upon Ethereum, that function as hosts for digital assets, usually art. Some of these tokens are wildly useful; a billionaire purchased a CryptoPunks NFT for $11.5 million today.

Also affected by the restriction are social symbols, specified by the Thai SEC as “follower tokens.” These are tokens that represent some influencer, as well as can often be redeemed for product or 1 on 1 time with the influencer.

A big Thai phone store, J Mart, was gearing up for mass distribution of its own cryptocurrency, according to the Bangkok Article. The retailer had reportedly planned to connect its tokens to prominent stars. The new policy will ambush those strategies.

The last course of symbols affected by the restriction are exchange symbols. These symbols, like OKEx Token, Huobi Symbol or BNB, reduced transaction costs for those that hold them.

The SEC really did not discuss why it’s banning these coins.

Earlier this month, the SEC announced objectives to further control crypto. “The issuance of electronic tokens must be licensed as well as supervised by the Stocks as well as Exchange Commission,” stated the SEC, as estimated in the Bangkok Blog post.

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