Cryptocurrency Buying and selling for Some Digital Cash Banned in Thailand, Together with ‘Meme Currencies’ Like Dogecoin

Thailand has turn into the newest nation in Asia, after China, to limit buying and selling within the extremely speculative cryptocurrencies and the non-fungible tokens (NFTs). The Thai Securities and Trade Fee (SEC) issued new laws that ban sure varieties of digital cash, together with meme currencies like Dogecoin. It mentioned the ban is aimed toward defending merchants from tokens which have “no clear goal or substance” and whose costs are influenced by social media developments and on-line influencers. The ban additionally consists of “fan tokens” which might be using on the recognition of the celebrities they’re influenced by.

Although Thai nationals stay free to commerce in these utility tokens and digital cash, the target of tightening the principles on cryptocurrencies is to make it tough for exchanges coping with these belongings to function inside Thailand and safe the nation’s monetary system.

The SEC said in a statement that the exchanges that deal with these trades are required to adjust to the revised guidelines inside 30 days of the issuance of the notification (June 11).

The SEC notification prohibited exchanges from offering providers associated to utility tokens or cryptocurrencies that belong to any of the next courses — meme tokens, fan tokens, NFT or non-fungible token,s and digital tokens which might be utilised in a blockchain transaction and issued by digital asset exchanges or associated individuals.

In latest weeks, a number of the main crypto cash like Bitcoin and Dogecoin have proven excessive volatility, first touching their lifetime highs after which diving to one in every of their lowest values. This volatility was largely blamed on the Chinese language crackdown on the buying and selling of those digital belongings and controversial or detrimental tweets from tech billionaires like Elon Musk, who all of the sudden reversed his firm Tesla’s choice to simply accept funds in Bitcoin. As of 5:27pm IST on June 16, Bitcoin value in India stood at Rs. 28,69 lakhs whereas Dogecoin value in India stood at Rs. 23.31. 

The Tesla CEO had additionally slammed Bitcoin miners for driving up fossil gas use for mining and transactions after which mentioned he was in talks with Dogecoin builders to seek out an energy-efficient means for buying and selling within the meme foreign money.

There was no related replace on this from Musk after this. His tweets had led to confusion amongst crypto buyers who requested him to keep away from tweeting on the matter. They’d additionally blamed him for the large crash within the crypto market final month.


All for cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is accessible on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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What’s up, I'm Pawan. A Blogger, trader, and a Affiliate marketer. I love to write on technology.

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