Cryptocurrency Trading for Some Digital Coins Banned in Thailand, Including

[asif0990]

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
 The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
 It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

[nakamura12]

I am not surprised that thailand banned the trading of those digital coins. Well, they still can't stop people from storing cryptocurrency they want but local exchanges is of no use since it is banned. I am sure those cryptocurrency lovers in china didn't stop mining bitcoins but they are hiding to avoid get caught since it is not allowed anymore.

[0xkii]

funny when coin ph wallet has millions of users 

[Johnyz]

funny when coin ph wallet has millions of users 

I also know this is available in Thailand, and since this is regulated in my country I think Coinsph as also regulated in Thailand, maybe this is not a total ban on cryptocurrency.

Mind to share the link for this news to confirm that it is not a fud? Thailand has been a supportive country with regards to crypto as far as I know, this is a shocking news if ever.

[Fesatmas]

What we are most worried about is that this impact continues to spread to all countries in ASIA, you may already know how China strategy is always to try to expand its desires even across other countries. That way we certainly feel concerned how crypto users in ASIA will feel disadvantaged in this case. Regrettably, China swayed him by deliberately offering Yuan as an option, plus ASIA sovereign debt could become a ticking time bomb if there was a refusal.

[crzy]

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea, I hope this is not final since their local wallet is also available in my country and I hope its not affected. They didn’t ban bitcoin? This is still a good new and may the Thailand government is just protecting their people from a possible hype and fud.

[meves99]

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
 The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
 It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

I don't agree with the ban because meme coins are temporary, not long term and don't affect the popularity of "fan tokens".

[bitkanu]

No problem. Thai didn't give a lot of contribution to the cryptocurrency, if that was US SEC and it might be a big problem. The crypto house was allowing to use NFT and all of cryptocurrencies.
So many times thai was doing the same thing over and over again.
This is a common thing. So many times crypto got banned and then it's still alive.

[tabas]

I think that this was an old news. If OP can put the source or if we'll based on his title, it's said 'some'. Those are the annoying meme coins that have been pumped and the numbers have grown a lot so they have to take action to protect their people from investments.
As for NFTs, they still haven't see that some of it has really the potential but as long as they won't ban bitcoin, ethereum and the other legitimate cryptocurrencies, Thai people will still be able to trade and deal with the most common cryptos.

[Minor Miner]

Thailand SEC banned meme coins, fan-based tokens, NFTs, and exchange-issued tokens from their local exchange only. but still, people can use the DEX network to buy those tokens, this is not something to worry about.

I am sure those cryptocurrency lovers in china didn't stop mining bitcoins but they are hiding to avoid get caught since it is not allowed anymore.

As you may know, after the crackdown of Bitcoin mining and trading in China, Already Bitmain has stopped selling its products.
I don't think Chinese miners will do mining in secret, but they will move the mining firms from China to other countries where the cost of electricity is lower. Because there are so many issues involved with a mining firm, so they can't continue by hiding. Chinese government crackdown on mining as well as ensure that no one continues to mine in violation of their laws.

[Dread Pirate Roberts]

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea,

as mentioned only "some" not all crypto, and most coin that on banned list are coin they tought not have clear purpose in their project. and I think it's still enough to tolerate reason for them to seeing in that way . and it is also mentioned that meme coins are also included in the list of banned coins and this is very understandable.

[Retainly_Collie]

But does this really affect us as I see a lot of Thai users continue to use crypto services
Perhaps this is only seen as a way to curb the market's unstoppable boom in the near future.

[yazher]

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea,

as mentioned only "some" not all crypto, and most coin that on banned list are coin they tought not have clear purpose in their project. and I think it's still enough to tolerate reason for them to seeing in that way . and it is also mentioned that meme coins are also included in the list of banned coins and this is very understandable.

That would be better since the other coins have some sort of limited information. That won't be possible if they totally banned every cryptocurrency out there since Thailand is one of those countries that doesn't put any concern about this thing. I mean they didn't put some crazy tax as India did and the same for the other South East Asian countries who stay neutral about the case of the cryptocurrency.

[bL4nkcode]

funny when coin ph wallet has millions of users 

The ban is not for all cryptocurrency that's why bitcoin isnt affected after all, only selected one such meme coin such dogecoin, fan tokens, NFT, and other exchange tokens/coin like BNB and UNI. So far coins.th/.ph didnt list this kind of coins on their platform. Though not sure if coins.pro operates in thailand coz for sure some coins/tokens will be delisted on the platform.

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

[Yamifoud]

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
 The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
 It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

I'm not sure how is that being stated and how it is going to happen in Thailand, mind if you can provide us the link so it was easy for me/us to look at. And I think that was helpful for everyone.
Anyway, it wasn't new to hear such stories in some other countries but I don't think that could have a huge impact on the market, it could be just in their place. Although it was going to be real, at least they don't band the leading cryptocurrencies which would still allow their citizen to continue using it without restrictions.

[so98nn]

[...] from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

That is good decision because it is well thought precautionary measures for the sake of saving themselves from fraud investments. Because the post clearly mentions this is only about few coins/tokens with no clear objectives thus making it partial ban and users in Thailand can still use rest of the crypto currencies which are regularised and being used everyday.

Moreover, it would be bad idea for Thailand government to ban the crypto completely because it's tourist destination and people from around the globe will be visiting it and may wish to pay in the crypto.

[Frengki_cisco]

Doge-including coins that are favored in gambling and if Thailand forbids using doge as crypto for trading, I don't think it has any effect on doge in other countries_Thailand itself is a gambling addict-every gambling fan should use Bitcoin, Ethereum etc, that's a problem for them alone.

The problem is - they themselves are the losers with that policy - I know Thailand is the biggest gambler on record today.

[khiholangkang]

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
 The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
 It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

Is there a link for this news? As far as I know, only Binance is experiencing regulatory problems in Thailand, it turns out that crypto is banned there. But I'm not surprised, usually this is whale manipulation to change the market.

[flyeers309]

funny when coin ph wallet has millions of users 

because this application I know the world of crypto and this application was the first time I tried. It's a shame that more and more countries are banning certain cryptos, but all must have a lot of considerations to avoid investor being scammed. In my country,when listing in the local market, there are many things that must be fulfilled to maintain the safety of investors

[michellee]

That prohibition can protect the users from the scam project or no clear objective or substance so people will only have to invest in the right projects. But I guess that will only temporarily happen in Thailand because if they see that the NFT projects can benefit the user someday, they will lift the ban and allow people to use it. But people can still buy or sell the NFT token in the other exchange and not depend on the centralized exchanges and the government knows about that. We need to see what will happen later or I am sure there will be another announcement from the government.