Some countries have taken steps to regulate meme coins. In early 2021, Thailand Securities and Exchange Commission banned meme coins as part of a crackdown on digital goods with "no clear objective or substance".[4] However, not all so-called meme coins are devoid of substance and purpose. For example, the microcap Pawthereum uses a small tax on each transaction to help animal charities, raising hundreds of thousands of dollars in the process.[5][6]