Repression and state ban on NFT currencies

Repression and state ban on NFT currencies

The Securities and Exchange Commission in Thailand has decided to proactively prevent the possibility of its citizens losing their capital – and the trading of Elon Musk’s favorite currencies.

Source: Unsplash

The boom and big hype over the past year in meme investing from sub-reddit r/wallstreetbets and the initial boom of NFTs – has gone unnoticed by regulators. Now, the Thai Securities Authority is announcing for the first time that it will take action against them.

Kawasan. I do not accept dogecoin

The Thai Securities and Exchange Commission (SEC) has announced that it is banning the sale of meme coins – such as Elon Musk’s beloved Dogecoin – and NFTs as part of a broader move to regulate cryptocurrency trading. (or non-fungible tokens).

The Thai Securities Authority’s move against these currencies excludes major and more well-known currencies such as bitcoin or ethereum, and stems from its desire to prevent the conversion of currencies whose value is largely driven by social trends in widespread use. is determined. The ones.

The ban on trading in memes and NFT currencies is part of a broader Thailand Securities and Exchange Commission program that seeks to prevent people from losing a lot of money because they were captivated by the magic of one meme or another.

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A statement released by the network said that later this week, trading in all currencies that “have no apparent purpose or value” such as the mime coins headed by Dogecoin — which is in line with the volume of Elon Musk tweets on the subject. be launched accordingly Crash when Tesla’s techie referenced it on Saturday Night Live.

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As mentioned, NFTs – which have gained prominence for a short time and have since become a relatively minor phenomenon – have also been banned in Thailand because they can be purchased from a seller by a specific individual. cannot be traded, who put them in the first place. In addition, exchange tokens were banned in Thailand – currencies obtained by users of crypto exchanges (such as Binance, for example), which allow them to obtain benefits such as lower commissions in trading on the specific exchange on which They had received the currency.

In a statement issued by the Thai Securities and Exchange Commission, it gives all crypto exchanges operating in the country 30 days to update their policies in accordance with the new guidelines, after which they should cease trading in all currencies prohibited by law. Should give. .

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