Bitcoin Forum

Thailand’s Securities and Exchange Commission (SEC) announced Friday it’s banned several of the hottest types of tokens in cryptocurrency including meme tokens, fan tokens and non-fungible tokens (NFTs) in an apparent attempt to rein in trading in crypto instruments in which the prices are largely determined by social whim.

The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the kingdom. While not looking to ban crypto altogether, the regulator has opted for a protective stance to prevent regular subjects and even traders from risking their funds through crypto investments.

Read more https://www.coindesk.com/no-doge-allowed-thai-sec-bans-meme-fan-and-exchange-tokens-as-well-as-nfts

I'm thinking what they know about NFT is just the overhyped NFT sold for millions dollar thing that's getting a lot of publication by the media while the use case of NFT is actually many and many games actually have used NFT so the player can make transaction of NFT outside platform but each country have their own preferences I guess.
the meme tokens though, should be categorized as a gambling since it's purely pump and dump coins and the volatility far surpasses other coins.

It's understandable to ban memes or NFTs but why ban exchange tokens? Memes and NFTs are just based on hype but exchange tokens are solid based and stayed since the a long time ago. BNB, HT, UNI or FTX doesn't live on social whim... Anyway, market is full of shit tokens which are not meme, NFT or fan tokens. The ban might somehow risk for traders but obviously it's not enough.

How huge is the Thai market? Will this have a big impact on meme tokens? Do they have huge influence?

This is a stat from localbitcoins volume: https://coin.dance/volume/localbitcoins/THB
It doesn't include the other markets but it will give you an idea how huge the market and volume that comes from Thailand.

i guess its not too much , and so far they have no influence about it , but the point from this action their goverment/kingdom just want to protect their society from that thing, well we know exactly NFT its like gamble , u buying some and hoping u can sell it higher but no real price on it , or meme tokens which its totally joke mostly.

Maybe they think that investing in crypto is only of good quality and worth, many have become victims of meme coins that are just pump and dump.
I also appreciate this policy considering they protect their citizens when they smell something dangerous.

I have been visiting that link and it looks like the volume that was coming from the thailand was not so big. I think that it's about in thailand bath and it's not in USD. We can sure that if that will be converted into the USD and it will get small volume from there.
Crypto are not hyped on thai and that's the point. CMIIW

Prevention is better than cure and this regulation from Thai SEC is over serious but I think it is not bad at all. With the serious action from Thai SEC, partial of Thailand investors will be protected by their SEC, it is good.

No headache and good for crypto newbies. Meme tokens, NFTs, fan tokens etc. are the easiest ways to lose capital. Exchange tokens have two types from good and scam exchanges. This part is what the Thai SEC is too serious.

They include tokens of big and good exchanges into their list  ::)

The job of the Thai government is to protect cryptocurrencies from developing seriously and away from risks from DEFI, NFT and meme coins.
The above work comes from the awareness of the risks of trending cryptocurrencies to protect the interests of investors. Although the volume of crypto transactions in Thailand is quite low, the actions of their government show a deep interest in cryptocurrencies.

We can't blame them the coins literally has no use at all unlike coins with their own utilities it's no surprising too if the price of Dogecoin and other NFTs pumps and crash it's the community's power where in fact they didn't know that those coins were really useless in terms of utility.

The article used the word token , not coin.

Technically Dogecoin is a coin and not a token, since it has it's own individual blockchain.

So clarification from Thai SEC will be needed, as by current wording Dogecoin should not be affected.

I am sure what Thai SEC is trying to do is for good and to protect the investors. These meme coins, fan coins or even NFTs don't have a value in reality. These are indeed based on its marketing success and nothing else. It doesn't cost anything to produce such things so these areas are actually scammer's paradise. So I would say it is a great step from Thai SEC to protect the consumers of crypto market. Thai SEC is actually not against cryptos but it seems they are indeed against fake cryptos and useless marketing gimmicks. Good Step!

Yes, I also looked, I see the volumes are small. I am sure they will change their position, because it is better to regulate than to prohibit, or maybe they want to attract attention so that various publications write about them.

Yes, not so big but that's just for localbitcoins. We don't have the stats for other exchanges that are established there. I think there are other sources of volume there but I cannot find it. At least we've got an idea how much the volume is coming from Thailand just for localbitcoins alone.
But if we get to have a merged information from different exchanges and sources there then we can conclude it, whether it's actually low or it's quite big.

This is their job and for a certain point of view, it's something useful since new user will not get trapped in some new pump-dump scheme.But generally speaking I don't think that this type of "bans" have a real impact for people already involved, international traders or wealthy people with large portfolio of NFTs / tokens.
We are talking about some items that CANNOT BE SEIZED (unless by user fault), that can be sold without any physical store....

i believe, they will rectify their regulation sooner or later. because once they understand about the existence of exchange tokens, like BNB or UNI, they will allow it. right now, they are just super precautious on this aspect. the same with NFTs. because if this will be utilised by their known athletes or personalities, NFT market can help their artists to gain income.
meme tokens are on the other hand need strict regulations because most of them are just copy-paste and crap with short lifespan.
this is their initial reaction towards this market, but high likely that they will change their stance once they learn more about this kind of tokens.

I can understand to some degree why they banned meme tokens, probably because of the absurdly high risk and social manipulation involve in investing in those tokens.

What I can't understand is why would they ban exchange tokens? Is it because of the too much hype around them that they don't want to get their people trapped from the incoming dumps?

I don't think they are looking at it from the general market view but more of trying to prevent their people from being scammed but it is ok with regards to meme and NFTs but I too as someone already said don't think exchange coins should be in that group. We all know all of the meme coins and NFTs have been overhyped and I too believe that there is a lot of shitcoins trading in most exchanges today that are worth banning.

They unify all exchange tokens as scam and bad. They reacted similarly to what they did in the past with Bitcoin and cryptocurrency. Scammers try to adapt and use new tools to scam people. Their tools can be bank transfers, giftcards, Bitcoin, cryptocurrency. Bitcoin is good but no one can prevent scammers to abuse Bitcoin for their scams.

Same for exchange tokens. Governments will make rectifications and now I think their regulations are good. When you are scammed, you will feel scary about cryptocurrency and might never join the market again.

Meme tokens are not only scam assets in crypto. Shit altcoins and many DeFi projects are same. Meme, DeFi, NFT, ICO, IDO, IEO, etc. all are names and trends to be compromised by scammers.

Normally I am a big supporter of the free market, but it can't be denied that most of these memecoins and NFTs have been used for scams. So I don't find anything wrong in the move by the Thai government agency. Strict regulations are needed in this field, given the number of scams and the huge amount that have been stolen till now. Still I would not favor a blanket ban. If the promoters are willing to undergo a strict KYC process, then they can be allowed to list these memecoins and the NFTs.

It's understandable, as we all know that there are a lot of crypto hypes like Meme coins and then NFT's. They just wanted to protect their people, so there local SEC needs to come forward and take actions about it.

It's obvious that this craze has taken the world by storm, and the Thai government, although I would say crypto friendly, will have to draw the line here. No Thai's are going to be the next victim here.

They are only doing their job to protect investors as well as the citizen who may be attracted to these cryptos with less knowledge because they are tempted to see or read news about the huge profits made during the crazy price increase of meme coins.
But doesn't this rule only apply to exchanges operating in Thai jurisdictions, meaning that Thai investors or traders can still trade those banned crypto but use other exchanges such as Binance, KuCoin etc.

When laws to protect their citizens from criminal activities with crypto currency are vague, they need to do prevention for their citizens. I see they have good aims for their restrictions. They do this for their governmental and law system and for their citizens and preventive restrictions bring mutual benefits for many sides: governments, governmental staffs, systems, and citizens.

When crypto market has big hypes, governments after a few months of silent observations and considerations, will take law actions and I have been in crypto long enough to see this is a natural and positive actions and adaptation from governments.

In nations where cryptocurrency tradings, exchanges are not protected, citizens have to accept risks if they have trades with criminals. Laws will protect them and it is what they want to have. I don't see how they will be panic when there are more laws to protect them.

If you are going to ask me, I think this is just a temporary move by Thailand to possibly regulate the cryptocurrency markets in their country. The should be able to change their position in a much sooner time in case they saw that cryptocurrency offers advantages rather than disadvantages in speed and efficiency of payments and transactions. Of course, right now they are just being cautious on the workings of crypto. But eventually I believe they will allow it.