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Thailand

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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…

Thailand has moved closer to being among one of the first jurisdictions in the Asia-Pacific region (and globally) to facilitate ICOs through targeted regulation. According to a member of the Securities and Exchange Commission of Thailand (“SEC”), as reported by the Bangkok Post, five ICO projects are to be cleared by the regulator and permitted to move forward with their ICO plans (out of 50 ICO projects that applied for regulatory approval). This comes after…