Thailand is the latest country to impose restrictions on cryptocurrency trading.
The Securities and Exchange Commission (SEC) in the Southeast Asian country “Thailand” has implemented a ban on “meme” coins such as “Dogecoin”.
Last week, exchanges were asked to write off non-meme cryptocurrencies, along with non-fungible NFT tokens, with exchanges given 30 days to remove them.
According to the Thai regulator, the new rules are meant to protect traders from digital currencies that have no clear purpose or substance and whose prices are affected by social media trends and influencers.
Dogecoin, in particular, has seen a massive rise online thanks to influencer tweets from Elon Musk.
The price of so-called “meme” coins has recently fluctuated amid cryptocurrency volatility fueled by bans in China and potential restrictions in India.
On the other hand, El Salvador recently became the first country to accept Bitcoin as legal tender.
Besides Dogecoin, the Thai regulator has warned of non-fungible digital tokens (NFTs), which earlier saw unparalleled demand and some tokens sold for big money, but interest around them began to weaken and become less attractive.
The Thai Regulatory Authority went on to explain that the bans are also directed at the currencies of trading platforms, which can be used to trade and pay fees.
The latest campaign is part of Thailand’s push for regulatory reform of the cryptocurrency market.
In May, the Thai Anti-Money Laundering Office (AMLO) announced rules requiring crypto exchanges to verify accounts through physical and manual verification of the presence of real users.
In addition, AMLO told the documents that the documents will be verified by relevant government agencies, according to the Bangkok Post .