The banning of cryptocurrency exchange has been ongoing in several countries, including South Korea and Nigeria. Today, Thailand’s SEC banned crypto exchanges from catering to several types of crypto, and tightened the country’s crypto regulations.
The Securities and Exchange Commission of Thailand declared on Friday that the new crypto exchange guidelines and regulations have been approved by General Ruenvadee Suwanmongkol.
Thailand’s SEC was concerned about the threats that could occur in crypto transactions. They also fear that people with low salaries or incomes, who cannot afford to gamble on cryptos, may be at a risk off losing money. With this, the SEC originally imposed that aspiring investors should have an annual income of 1 million baht before they can start investing in cryptos. This was not welcomed by a huge sector of the population in Thailand, and they started protesting against it. Fortunately, the SEC decided to revoke the minimum wage requirement and deescalated the situation. However, anyone who wants to start trading is obliged to pass a special test.
Meanwhile, the new crypto exchange guidelines include banning Thai exchanges from handling meme-based tokens, fan-based tokens, non-fungible tokens (NFTs) and exchange-issued tokens. There’s a possibility that these tokens could be delisted if the new guidelines aren’t met.
The banning of the tokens mentioned above may affect their prices, as the regulation of crypto escalates, and the meme coin Dogecoin (DOGE) which is one of the rising cryptos in the market today, is no exception.