On June 11, 2021, Thailand’s Securities and Exchange Commission issued a statement that banned, among other things, all meme tokens. The statement said:
The Notification prescribes that digital asset exchanges set their listing rules and prohibits the exchanges from providing services related to utility tokens or cryptocurrencies that have any of the following characteristics:
(1) Meme token: having no clear objective or substance or underlying [sic], and whose price running on social media trends;
(2) Fan token: tokenized by the fame of influencers;
(3) Non-fungible token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount;
(4) Digital tokens which are utilized in a blockchain transaction and issued by digital asset exchanges or related persons.
Though Dogecoin is not mentioned specifically, it is of course the most well know meme token. With mentions by public figures such as Elon Musk and Mark Cuban, it is up about 5400% in 2021. Exchanges have 30 days to implement the necessary changes.
