Sec is Banning Certain Types of Cryptocurrencies
The Thai Securities and Exchange Commission (SEC) has enacted new rules for cryptocurrency exchanges operating in the country. Certain types of cryptocurrencies, including meme coins, fan coins, and non-fungible tokens (NFTs), are prohibited to trade on crypto exchanges
New Rules for Crypto Exchanges, Banning Certain Types of Cryptocurrencies
(1) Meme token: having no clear objective or substance or underlying, and whose price running on social media trends; (2) Fan token: tokenized by the fame of influencers; (3) Non-fungible token (NFT).
The Thai Securities and Exchange Commission (SEC) announced Friday that its board of directors has approved new rules governing cryptocurrency exchanges. Secretary-General Ruenvadee Suwanmongkol stated that the board meeting held on June 9 had passed a resolution approving the SEC Notification No. Kor Thor. 18/2564, which sets forth the rules.
Digital asset exchanges are prohibited from “providing services related to utility tokens or cryptocurrencies that have any of the following characteristics,” the SEC notice details:
Thailand Bans Meme Coins, Fan Tokens, NFTs From Trading on Crypto Exchanges
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have warned investors of the risks of investing in funds with exposure to bitcoin futures.
- The SEC published an investor alert on funds trading in bitcoin futures Thursday. The alert comes from the SEC’s Office of Investor Education and Advocacy (OIEA) and the CFTC’s Office of Customer Education and Outreach (OCEO).
- They pointed out that some funds may engage in the trading of bitcoin futures contracts as a way to gain exposure to bitcoin, emphasizing that the cryptocurrency “is a highly speculative investment.” The document cautions:
Indian Government Reportedly Considers Regulating Crypto as an Asset Class
The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill.
The New Indian Express reported Friday that top sources tracking the crypto industry told it that “the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon.” The publication further conveyed:
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