Thailand Securities and Exchange Commission took a tough how is your ex position by prohibiting NFT trading. The ordinance covers new digital asset market rules that prohibit cryptocurrency trading using NFTs. At worst, even trading in Meme coins, as well as DogeCoin and Shiba were banned ... Although there will be those who would exclaim “Hurray!”. 🙂
First Steps to Ban NFT Trading in Thailand.
Citing recent reports, regulators first passed such a regulation when the J-Mart Group launched its first NFTs aimed at promoting an ecosystem based on its JFin digital coin. Back in June last year, the Thai SEC banned cryptocurrency exchanges from trading certain types of tokens in the country. This includes meme, fan, NFT tokens and other types of tokens that are popular today. At this time, J-Mart, on the SET list, was on the verge of launching Thailand's first NFT collection featuring 9 celebrities. In the end, they did launch the collection, but they listed the NFT on foreign exchanges.
Banning NFT Trading in Thailand.
This is sad news for all NFT collectors and crypto enthusiasts in Thailand, because the SEC not only announced the ban on NFT trading, but also officially announced that these bans are taking effect now. Thailand's new rules will cover everything from sporting goods to NFTs. These represent rights to physical luxuries such as expensive watches and real estate ...
There is no smoke without fire? Reason for the ban on trade NFT.
The main reason for the ban is rumored to be the recurring digital asset scams. Amid various hacks and deceptions, the cryptocurrency and NFT market seems to be a hot target for financial scams. Just last week, it was reported that Babadeda malware tricked users into impersonating marketplace accounts such as OpenSea, BAYC and ZED RUN... This is a major deception of users, which caught the attention of the Thai "SEC".
There is another possible reason why the SEC banned the NFT. The fact is that the SEC believes that the valuation of digital assets is grossly exaggerated and unrealistic. Abstract NFTs like collectibles still sell for thousands of dollars. Yes, users can use their funds at their own discretion. However, the SEC remains responsible for protecting users from massive devaluations, especially as some NFTs are highly speculative in nature.
Moreover, I would like to emphasize the most interesting at the very end, because the SEC did not ban the issue of NFTs, but only introduced a ban on their trading and, of course, trading in various other digital assets. This is very interesting because projects in Thailand continue to grow, over the past month the company Metaverse thailand started its first land sale. Thus, users made purchases with a real card in the center of Bangkok and became landowners in the Ekkamai area. Prior to this, NFT was also used in the Miss Universe Thailand pageant. Could this be a ray of hope?
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