Thailand has banned all meme tokens, fan tokens, alternate tokens and non-fungible tokens (NFTs), the nation’s Securities and Alternate Fee mentioned in a statement Friday.
What Occurred: The Thai SEC didn’t particularly point out the high-profile cryptocurrency Dogecoin (DOGE), which is predicted to fall below the class of meme tokens, CoinDesk, which first reported the information, famous.
See Additionally: How to Buy Dogecoin (DOGE)
Dogecoin, created as a joke in late 2013, is up 5456% in 2021, as of press time — the very best among the many high 10 cryptocurrencies by market capitalization. The meme coin has discovered a serious backer in Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk.
The Thai regulator described meme cryptocurrencies as ones whose value is primarily pushed by social indicators and don’t have any clear goal or substance on their very own.
Fan tokens representing possession of voting rights or entry to club-specific rewards and providers are additionally now banned in Thailand, CoinDesk famous. An exception can be fan tokens used for items and providers like VIP experiences.
NFTs, one other scorching pattern of 2021, additionally stand banned, alongside cryptocurrencies issued by alternate desks like Binance, Uniswap, and FTX for on-platform advantages.
Worth Motion: Dogecoin traded 1.7% decrease at $0.3149 at press time on Sunday.