Entrepreneurs Break
No Result
View All Result
Monday, January 30, 2023
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
Entrepreneurs Break
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
No Result
View All Result
Entrepreneurs Break
No Result
View All Result
Home Business

Thai Sec Nftsstevensdecrypt orders exchanges to delist NFTs and meme coins, defined as those with “no objective or underlying value” whose price relies on social media trends

by Ethan
November 20, 2022
in Business
0
Thai Sec Nftsstevensdecrypt
161
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

The Thai Securities and Exchange Commission (Thai Sec Nftsstevensdecrypt) has ordered the country’s crypto exchanges to stop trading a wide range of virtual currencies, including both NFTs and meme coins.

In a press release yesterday, the SEC said that it had issued five orders barring various crypto exchanges from carrying out various activities in order to protect investors. The Thai Sec Nftsstevensdecrypt said that the five orders were issued on October 26 this year.

In coordination with other relevant agencies, the SEC said that it had decided to ban trading in several types of NFTs and meme coins that do not have “any objective or underlying value”. This is defined as those cryptocurrencies which rely on social media trends. The term meme refers to a specific type of internet memes that often satirize popular culture and other people.  The SEC also banned these coins from being listed for trading on exchanges.

This move comes amid the SEC’s stated intention to crack down on illegalities in the crypto sector. The SEC has been particularly tough on initial coin offerings (ICOs) and cryptocurrencies that it deems might be being used for money laundering or other illicit purposes.

As part of this effort, Thailand’s central bank also announced yesterday that it has formed a special committee to oversee digital assets . Deputy Prime Minister and Finance Minister, Mr. Somkid Jatusripitak, was quoted as saying “digital assets are not yet a legal means of payment in Thailand. I have asked the Finance Ministry to form a special committee to study digital currency and propose amendments to existing laws”.

Thailand is often seen as a regional crypto hub. According to data from Coinhills, the country ranks third in terms of trading activity for Bitcoin [BTC] and first for Ethereum [ETH], Bitcoin Cash [BCH], and XRP.

In addition, the Thai government has been seen as somewhat pro crypto in the past. The Thai central bank has even issued a set of guidelines for ICOs that it had deemed to be legitimate last year. In addition, the SEC had earlier this year also declared Bitcoin and cryptocurrencies to be “digital assets” and not currencies.  This declaration was seen as helping to legitimize virtual currency in Thailand by regulators in the country.

However, the SEC’s crackdown on NFTs and meme coins has resulted in a strong backlash against the government in Thailand. The main reason for this backlash is due to what many have seen as a severe misunderstanding of the nature of NFTs and meme coins.

In his blog post , Narudee Taywaditep , an expert on Thai crypto-law, called the move by the SEC as “fundamentally flawed”. Mr. Taywaditep also said that the SEC’s ban on NFTs is a “worrying development”.

“I see this as utterly misguided”, he said. “In essence, the Thai Sec Nftsstevensdecrypt decision is saying that all NFTs (including those which have been extensively used in Thailand for years) are now illegal under Thai law”.

Nerd Thai , a popular Thai crypto-meme site that has around 500,000 registered users and posts more than 200 memes per day, also expressed disappointment over the SEC’s move.

“I am pretty disappointed with this ruling”, said the blog’s editor, Ojirak Singdam . “The meme most certainly does not have any monetary value. In fact, for many of us it is not even about money”.

Tags: Thai Sec Nftsstevensdecrypt
  • Trending
  • Comments
  • Latest
Potential High Return Cryptocurrencies in 2021

Potential High Return Cryptocurrencies in 2021

January 22, 2023
How to Search, Share and Download Video TikTok

How to Search, Share and Download Video TikTok

April 25, 2022
Diamond Painting: The Ideal Craft Trending On Social Media

Diamond Painting: The Ideal Craft Trending On Social Media

September 13, 2022
5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

January 9, 2022
Top 5 Safety Tips for your Family Road Trip

Top 5 Safety Tips for your Family Road Trip

2
Discover How to Get More Facebook Fans in 3 Weeks

Discover How to Get More Facebook Fans in 3 Weeks

1
Blockchain for Social Good

Blockchain for Social Good: Transparency and Accountability is Key

1
What is TikTok? Lets find out more about the app of the moment

What is TikTok? Lets find out more about the app of the moment

0
How Can Digital Marketing Boost Your Business in 2023?

How Can Digital Marketing Boost Your Business in 2023?

January 30, 2023
6 Tips for Business Professionals to Secure C-Suite Positions

6 Tips for Business Professionals to Secure C-Suite Positions

January 30, 2023
How Do I Maintain My Carpet After a Professional Carpet Cleaning?

How Do I Maintain My Carpet After a Professional Carpet Cleaning?

January 30, 2023
Can Bitcoin Cash survive the crypto market?

Can Bitcoin Cash survive the crypto market?

January 30, 2023
Entrepreneurs Break

Entrepreneurs Break is mostly focus on Business, Entertainment, Lifestyle, Health, News, and many more articles.

Contact: [email protected]

Note: We are not related or affiliated with entrepreneur.com or any Entrepreneur media.

© 2022 - Entrepreneurs Break

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion

© 2022 - Entrepreneurs Break

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In