The Securities and Exchange Commission of Thailand has announced that it would now officially ban four types of tokens.
Under “Rules, Conditions, and Procedures for Undertaking Digital Asset Business”, Thailand now prohibits crypto exchanges from handling NFTs, meme-based tokens, exchange-issued tokens, and fan-based tokens.
Thai-based exchanges are given 30 days to make the necessary adjustments to properly comply with the policy of the commission.
The policy is expected to make a major impact on the recent value surge of dogecoin (a meme-based token).
Met with criticisms
Apart from the ban policy, the Thai SEC has also released additional guidelines related to crypto transactions.
The commission proposes a minimum annual income of 1 million baht (around $32,000) as a requirement for individuals who are planning to invest in crypto.
On top of that, the regulatory body is also floating the idea of requiring investors to attend a cryptocurrency trading training course and even pass a test to prove their crypto know-how.
The proposal was met with public outrage and criticism.
Backpedalling
After receiving overwhelming criticisms from the public, the SEC has reversed its proposal and made it clear that the suggestions were meant to gauge the public sentiment.
Ruenvadee Suwanmongkol, the secretary-general of Thai SEC said: “I did not intend to say these are the exact qualifications that will be implemented.”
According to crypto players, the SEC proposal would prevent low-and-middle-income earners from tapping the potentials of crypto ventures.
As a result, the massive potential of crypto would merely be concentrated on individuals or entities that can afford the proposal’s high requirements.
The proposed requirements for crypto transactions will undergo modifications, but the ban on four types of crypto coins would still remain.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/thailand-officially-bans-four-types-of-crypto-tokens/
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