Thailand bans meme coins and NFTs as part of crypto crackdown

Thailand is the latest country to impose curbs on cryptocurrency trading. The southeast Asian nation’s Securities and Exchange Commission (SEC) has implemented a ban on meme coins like Dogecoin. Last week, exchanges were ordered to delist the coins, along with NFTs, utility tokens and social tokens, within 30 days. 

According to the Thai SEC, the new rules are aimed at protecting traders from tokens that have “no clear objective or substance” and whose prices are swayed by social media trends and influencers. Dogecoin, in particular, has seen its online buzz skyrocket thanks to mentions from Elon Musk (including during his stint hosting SNL). The so-called meme coin’s price has fluctuated more recently amid crypto volatility fuelled by bans in China and potential restrictions in India. On the flip side, El Salvador recently became the first nation to accept Bitcoin as legal…