Thailand bans meme currencies and NFTs as part of cracking down on encryption

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The latest crackdown is part of Thailand’s push for regulatory reform of the crypto market. In May, the Thai Anti-Money Laundering Office (AMLO) announced rules instructing digital exchanges to verify accounts through a “dip-chip” machine that requires clients to be physically present. In addition, AMLO said the documents would be verified by relevant government agencies, according to the Bangkok Post. In addition, the Thai SEC announced it’s also banning exchange tokens, reports Decrypt. These are the proprietary coins issued by crypto exchanges that can be used to trade and pay fees. 

Source finance.yahoo.com Alongside Dogecoin, NFTs (non-fungible tokens) were also all the rage earlier this year. The assets essentially allow for one-of-a-kind digital art purchases to be tokenized, thereby acting as certificates for ownership. A few months ago, they were impossible to ignore, riding a wave of hype after Twitter’s Jack Dorsey and Grimes sold their respective NFTs for millions. But, more recently, mainstream interest in the assets has waned as celebs have opportunistically jumped on the bandwagon and quickly diluted a once eye-catching market.

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