Thailand: Implemented SEC order on prohibition on meme token services by digital asset exchanges including warning to protect investors

On 7 May 2024, Thailand's Securities and Exchange Commission (SEC) issued an order reinforcing the existing prohibition against digital asset exchanges listing meme tokens. This measure aims to preserve the orderly conduct of digital asset trading and safeguard investors from potential unfair practices and the risk of price manipulation, given the absence of fundamental factors underpinning meme tokens. The SEC clarified that while digital asset brokers are permitted to provide meme token services, they must act solely as brokers or agents, ensuring clients receive the best execution terms from linked exchanges. The SEC's order also mandates that entities with both digital asset exchange and brokerage licences must not mislead the public into believing that meme token orders are serviced by the exchange side of operations.