Exchanges within the country are expected to modify their rules before they can list tokens so that they won’t be accused of going against the government.
The SEC in Thailand has placed modalities for listing tokens and everyone involved in the business is expected to follow suit immediately.
The news came on Friday that Ruenvadee Suwanmongkol who is the Secretary General of Thailand’s SEC has okayed implementing the rules. Henceforth, no Thai exchange is to be caught dealing with tokens that are meme-based, fan-based, exchange-issued, and NFTs.
If any exchange must deliver a token, that cryptocurrency must be performing as described in its white paper. The SEC has given all exchanges up to July 11 to make all the required changes to the tokens they want to list.
Following this development, it is very likely that tokens which will no longer be supported in Thailand include DOGE (because it has a meme) and BitKub Coin (KUB) (because it comes from an exchange firm)
This is not the first time the SEC in Thailand is coming up with regulations for the crypto industry in 2021. The SEC had earlier mandated crypto investments in the country to be sure of earning up to 1 million baht (approximately $32,000) as profit every year. Investors patronizing the firms were also told to find a training center where they would get some skills in trading crypto by themselves.
Thailand has had ups and downs in regulating crypto for so many years. In the last four months, the focus was on crypto holders of Japanese origin in a bid to promote those that were indigenous when COVID-19 came again. Another thing the government did was to bring up fresh and more severe rules to confirm customer identification. By this, exchanges were mandated to take the ID cards of those who claim to be citizens of Thai to scan the implanted chips.
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