Cryptocurrency Trading for Some Digital Coins Banned in Thailand, Including

the ghabbar

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

So far only two countries have started to restrict cryptocurrency trading, this is due to the impact of the previous ban, but so far the ban has not had a major impact on crypto itself, although the conditions of this ban affect several other countries.

If the reason for the ban is to protect fiat from the influence of crypto, I think the ban is completely irrelevant, each country has its own rules for fiat, in carrying out its functions and uses, so far I think the big impact has not been seen at all.

Fesatmas

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Quote from: crzy on August 14, 2021, 06:41:29 PM

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea, I hope this is not final since their local wallet is also available in my country and I hope its not affected. They didn’t ban bitcoin? This is still a good new and may the Thailand government is just protecting their people from a possible hype and fud.

The Thai government needs to create a governance structure in the investment sector that really has an interest in crypto, with this insight at least the Thai government can reconsider that its policies are not very good to be enforced. Considering that in the future, crypto, especially Bitcoin, can provide a solution for the inflation value of its paper money.

Ararbermas

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

well it's seems a good decision for the safety of every traders within the country. Indeed those meme coin that for hype only are not trustworthy so perhaps that's a good steps to remove those scam project . But for sure there will be some traders that will be against in it in my opinion. Especially those hard-headed who still want to ride just to gain massive return even it's not reliable. Actually its not surprising when it comes making money and because of the greediness..lol at least government warn them already..

Vishnu.Reang

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I don't have a good opinion about Dogecoin or the NFT industry. But at the same time, I don't support these bans and other restrictions. People should be free to spend the money the way they want. Why the government want to poke it's nose into sectors that are beyond their control and understanding? Even if someone in Thailand purchase Dogecoin from a DEX site or a P2P platform, what are they going to do about it? My advice to the Thai authorities is to concentrate on more serious issues, rather than relegating themselves to a laughing stock in front of the world.

masterrex

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

I think it's not a total banned issue, and if the ban is intended for all cryptocurrencies I guess only the Thai users will be affected and it means nothing to the entire crypto industry. I can't blame their regulatory authorities, in fact, they were right in some points meme coins have no real use cases that's why it is useless and risky for the Thai investors and that is the responsibility of their regulatory bodies in order to protect its people from losing money.

dhemasm

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I never though my Neighbor Country will banned some cryptocurrency especially Dogecoin, I though Thai Government was neutral or see crypto as positive things since i see some project was origin from there but looks i was wrong and basically that was good step, I'm not hating dogecoin but the point was good since it's didn't have any clear Objective beside becoming "Meme" that was good prevention to protect their local trader but For NFT i never expect it since it's basically an good concept.

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That prohibition can protect the users from the scam project or no clear objective or substance so people will only have to invest in the right projects. But I guess that will only temporarily happen in Thailand because if they see that the NFT projects can benefit the user someday, they will lift the ban and allow people to use it. But people can still buy or sell the NFT token in the other exchange and not depend on the centralized exchanges and the government knows about that. We need to see what will happen later or I am sure there will be another announcement from the government.

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Quote from: 0xkii on August 14, 2021, 05:20:30 PM

funny when coin ph wallet has millions of users Shocked

because this application I know the world of crypto and this application was the first time I tried. It's a shame that more and more countries are banning certain cryptos, but all must have a lot of considerations to avoid investor being scammed. In my country,when listing in the local market, there are many things that must be fulfilled to maintain the safety of investors

khiholangkang

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

Is there a link for this news? As far as I know, only Binance is experiencing regulatory problems in Thailand, it turns out that crypto is banned there. But I'm not surprised, usually this is whale manipulation to change the market.

Frengki_cisco

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Doge-including coins that are favored in gambling and if Thailand forbids using doge as crypto for trading, I don't think it has any effect on doge in other countries_Thailand itself is a gambling addict-every gambling fan should use Bitcoin, Ethereum etc, that's a problem for them alone.

The problem is - they themselves are the losers with that policy - I know Thailand is the biggest gambler on record today.

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

[...] from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

That is good decision because it is well thought precautionary measures for the sake of saving themselves from fraud investments. Because the post clearly mentions this is only about few coins/tokens with no clear objectives thus making it partial ban and users in Thailand can still use rest of the crypto currencies which are regularised and being used everyday.

Moreover, it would be bad idea for Thailand government to ban the crypto completely because it's tourist destination and people from around the globe will be visiting it and may wish to pay in the crypto.

Yamifoud

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

I'm not sure how is that being stated and how it is going to happen in Thailand, mind if you can provide us the link so it was easy for me/us to look at. And I think that was helpful for everyone.
Anyway, it wasn't new to hear such stories in some other countries but I don't think that could have a huge impact on the market, it could be just in their place. Although it was going to be real, at least they don't band the leading cryptocurrencies which would still allow their citizen to continue using it without restrictions.

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Quote from: 0xkii on August 14, 2021, 05:20:30 PM

funny when coin ph wallet has millions of users Shocked

The ban is not for all cryptocurrency that's why bitcoin isnt affected after all, only selected one such meme coin such dogecoin, fan tokens, NFT, and other exchange tokens/coin like BNB and UNI. So far coins.th/.ph didnt list this kind of coins on their platform. Though not sure if coins.pro operates in thailand coz for sure some coins/tokens will be delisted on the platform.

Sauce: https://www.coindesk.com/no-doge-allowed-thai-sec-bans-meme-fan-and-exchange-tokens-as-well-as-nfts

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Quote from: Dread Pirate Roberts on August 14, 2021, 09:09:47 PM

Quote from: crzy on August 14, 2021, 06:41:29 PM

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea,

as mentioned only "some" not all crypto, and most coin that on banned list are coin they tought not have clear purpose in their project. and I think it's still enough to tolerate reason for them to seeing in that way . and it is also mentioned that meme coins are also included in the list of banned coins and this is very understandable.

That would be better since the other coins have some sort of limited information. That won't be possible if they totally banned every cryptocurrency out there since Thailand is one of those countries that doesn't put any concern about this thing. I mean they didn't put some crazy tax as India did and the same for the other South East Asian countries who stay neutral about the case of the cryptocurrency.

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But does this really affect us as I see a lot of Thai users continue to use crypto services

Perhaps this is only seen as a way to curb the market's unstoppable boom in the near future.

Dread Pirate Roberts

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Quote from: crzy on August 14, 2021, 06:41:29 PM

What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea,

as mentioned only "some" not all crypto, and most coin that on banned list are coin they tought not have clear purpose in their project. and I think it's still enough to tolerate reason for them to seeing in that way . and it is also mentioned that meme coins are also included in the list of banned coins and this is very understandable.

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Thailand SEC banned meme coins, fan-based tokens, NFTs, and exchange-issued tokens from their local exchange only. but still, people can use the DEX network to buy those tokens, this is not something to worry about.

Quote from: nakamura12 on August 14, 2021, 04:58:53 PM

I am sure those cryptocurrency lovers in china didn't stop mining bitcoins but they are hiding to avoid get caught since it is not allowed anymore.

As you may know, after the crackdown of Bitcoin mining and trading in China, Already Bitmain has stopped selling its products.
I don't think Chinese miners will do mining in secret, but they will move the mining firms from China to other countries where the cost of electricity is lower. Because there are so many issues involved with a mining firm, so they can't continue by hiding. Chinese government crackdown on mining as well as ensure that no one continues to mine in violation of their laws.

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I think that this was an old news. If OP can put the source or if we'll based on his title, it's said 'some'. Those are the annoying meme coins that have been pumped and the numbers have grown a lot so they have to take action to protect their people from investments.
As for NFTs, they still haven't see that some of it has really the potential but as long as they won't ban bitcoin, ethereum and the other legitimate cryptocurrencies, Thai people will still be able to trade and deal with the most common cryptos.

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No problem. Thai didn't give a lot of contribution to the cryptocurrency, if that was US SEC and it might be a big problem. The crypto house was allowing to use NFT and all of cryptocurrencies.
So many times thai was doing the same thing over and over again.
This is a common thing. So many times crypto got banned and then it's still alive.

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Quote from: asif0990 on August 14, 2021, 04:50:13 PM

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

I don't agree with the ban because meme coins are temporary, not long term and don't affect the popularity of "fan tokens".

crzy

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What’s the whole content of this regulation? This may cause panic if the information is limited.
Banning cryptocurrency is not a good idea, I hope this is not final since their local wallet is also available in my country and I hope its not affected. They didn’t ban bitcoin? This is still a good new and may the Thailand government is just protecting their people from a possible hype and fud.

Fesatmas

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What we are most worried about is that this impact continues to spread to all countries in ASIA, you may already know how China strategy is always to try to expand its desires even across other countries. That way we certainly feel concerned how crypto users in ASIA will feel disadvantaged in this case. Regrettably, China swayed him by deliberately offering Yuan as an option, plus ASIA sovereign debt could become a ticking time bomb if there was a refusal.

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Quote from: 0xkii on August 14, 2021, 05:20:30 PM

funny when coin ph wallet has millions of users Shocked

I also know this is available in Thailand, and since this is regulated in my country I think Coinsph as also regulated in Thailand, maybe this is not a total ban on cryptocurrency.

Mind to share the link for this news to confirm that it is not a fud? Thailand has been a supportive country with regards to crypto as far as I know, this is a shocking news if ever.

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funny when coin ph wallet has millions of users Shocked

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I am not surprised that thailand banned the trading of those digital coins. Well, they still can't stop people from storing cryptocurrency they want but local exchanges is of no use since it is banned. I am sure those cryptocurrency lovers in china didn't stop mining bitcoins but they are hiding to avoid get caught since it is not allowed anymore.

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Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs).
The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.
It said the ban is aimed at protecting traders from tokens that have "no clear objective or substance" and whose prices are influenced by social media trends and online influencers. The ban also includes “fan tokens” that are riding on the popularity of the celebrities they are influenced by.

Topic: Cryptocurrency Trading for Some Digital Coins Banned in Thailand, Including (Read 208 times)