The Securities and Exchange Commission (SEC) of Thailand has imposed strict rules on the cryptocurrency market, banning the sale and purchase of memes, NFT tokens and pro tokens in the country.
The agency says some of these tokens have no specific value and some have no value. Last week, the SEC commissioned exchanges to remove such tokens from their list of transactions within a 30-day period. Although the commission's statement did not explicitly mention the specific token , it appears that meme coins such as Shiba Ino and Dodge Quinn will be on the list.
The commission is working to implement a legal framework for cryptocurrency transactions in the country. From the institution's point of view, some cryptocurrencies, including Dodge Quinn, have gained value under the influence of the actions of celebrities such as Ilan Mask, but in practice have no clear purpose or support.
According to the Thai SEC, memquins do not pursue a specific goal and are unsupported. In addition, their prices fluctuate under the influence of social media waves. NFT stands for the word «Non-Fingible Token» or tokens can not be exchanged is also conclusive evidence of the exchange of digital asset prices become astronomical. According to the SEC, such assets can be risky and should therefore be prevented.
Thailand has also partnered with the Thai Anti-Money Laundering Bureau (AMLO) to amend cryptocurrency market regulations, requiring cryptocurrency exchanges to certify accounts through a dip-chip that requires the physical presence of customers. In addition, the Anti-Money Laundering Office in the country has announced that the documents related to these exchanges will be approved by the relevant government agencies.
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