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Thai Sec Orders Exchanges to Delist Nfts and Meme Coins, Defined as Those With “no Objective or Underlying Value” Whose Price Relies on Social Media Trends: Thai Sec Nftsstevensdecrypt

Thai Sec Nftsstevensdecrypt: The Securities and Exchange Commission (SEC) has issued a cease-trade order that requires the Thai stock exchange to delist any cryptocurrency listed on its platform that is defined as having “no objective or underlying value” and whose price relies on social media trends.

While the order will come into effect on January 16, 2018, there are plans to extend this requirement across all exchanges in Thailand in the coming months.

The SEC order was issued on November 29, but was not made public until today.

“The order declared that Thailand’s Securities and Exchange Commission will require the exchange to implement measures to prohibit any unregistered tokens that are defined as having an “unspecified description” that “does not have an objective or underlying value.” It also clarified: “[a]n Exchange shall refuse to list, Listing, suspend and delist all ICO projects which do not meet the requirements of Thai law.

The move comes as the SEC steps up its efforts to regulate cryptocurrency and blockchain technology, with the authority also set to begin a dialogue on how new auditing models could be used for initial coin offerings (ICOs).

According to the order, any crypto-listing exchange issued from January 1, 2018 should file an amendment with the SEC on ICOs or cryptocurrencies that do not comply with requirements. The regulator also published a list of banned crypto-assets in Thailand.

The SEC explains that it has issued the cease-trade order to “enhance the efficiency of the securities market, protect investors and prevent financial system irregularities.”

“The SEC sees this order as a new way to allow Thai investors to have confidence in Thai companies and the securities market. i.e. There will be ‘no more gambling’ on unregistered securities trading,” commented Dr Tom Simon, a digital advisor at BCDF Hansa, an asset management firm.

He went on to say: “This is a good thing for the Thai equity market.”

The move comes as the authority also began a dialogue with the Capital Market Supervisory Board, SEC Act Advisory Council and Securities Investor Protection Corporation regarding developing new auditing models for ICOs. The authority indicated that new auditing standards are anticipated early next year.

In September, Thailand’s finance ministry officially signaled its approval of 11 companies that have completed initial coin offerings (ICOs) in the country. The Ministry of Finance has said the move will “monetize the country’s national resources” and create a thriving ecosystem for new businesses and investment. The ministry also said that it will develop a framework regulating ICOs in Thailand.

Thailand has been cracking down on cryptocurrencies lately, with regulators banning exchanges from its territory last month.

Earlier this year, Thailand also announced plans to ban ICOs in its territory altogether, warning investors that any such token sale would be illegal and void of legal protection.

However, the Thai central bank has since clarified that it does not classify cryptocurrencies as a payment system and will not regulate their trade.

The regulator said this in a statement issued to the Bangkok Post on October 4, 2017: “The Bank of Thailand is not legally allowed to restrict [the] cryptocurrency trading because it is not a legal payment instrument.”

“We have warned investors that cryptocurrencies are high risk investment vehicles with prices fluctuating widely, so investing in cryptocurrencies carry risks very much like gambling.”

The central bank went on to clarify that the country’s Securities and Exchange Commission is currently working with the finance ministry “to develop measures allowing token sales to comply with all laws”, adding that: “it has not been decided yet how to regulate them.”

Businesses have been rushing to list their cryptocurrency offerings on exchanges in an effort to raise funds. A trend that could put Thailand at a distinct disadvantage, according to Dr Simon.

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