Thailand bans cryptocurrencies like Dogecoin, in addition to NFTs

Thailand does not believe there is room for Dogecoin or cryptocurrency-based tokens. With this they also ban tokens like NFT.

Thailand is the latest country to impose some restrictions on cryptocurrency trading. The Southeast Asian nation's Securities and Exchange Commission has implemented a ban on currencies that are basically a tongue-in-cheek meme like Dogecoin. Last week, traders were ordered to remove the coins, along with the NFTs, utility tokens, and social tokens, within 30 days.

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Certain limitations to cryptocurrencies

According to the Thai Securities and Exchange Commission, the new rules are aimed at protecting traders of tokens that they claim "do not have a clear objective or substance» and whose prices are influenced by social media trends and influencers. In the case of Dogecoin, its influence has skyrocketed thanks to mentions of Elon Mus. Its price has fluctuated amid crypto volatility fueled by bans in China and possible restrictions in India.

Along with Dogecoin, NFTs, which were very popular earlier this year, have been banned. Assets essentially allow one-of-a-kind digital art purchases to be tokenized, thereby acting as certificates of ownership. But more recently, mainstream interest in assets It has decreased.

Additionally, the Thai Securities and Exchange Commission announced that it will also ban exchange tokens, Decrypt reports. These are proprietary coins issued by crypto exchanges that can be used to trade and pay fees. In May, Thailand’s Anti-Money Laundering Bureau announced rules instructing digital exchanges to verify accounts via a “dip-chip” machine that requires customers to be physically present. They also call for documents to be verified by relevant government agencies, according to the Bangkok Post.

Source: Engadget