Thailand: SEC Ban on Tokens
Thailand’s Securities and Exchange Commission (SEC) has officially banned several types of token, such as meme tokens, fan tokens, and non-fungible tokens (NFTs). The reason for the ban is that the SEC is attempting to protect traders from potential losses from investments in such tokens. The tokens are considered to offer no substantive value or have any objective with the prices being largely based on the speculation of market participants. The ban became effective from its announcement on 11 June 2021 (the “Effective Date”). However, it will not have any retroactive effect on tokens existing in the market prior to that date.