Thailand’s SEC may adjust the annual minimum income eligibility for cryptocurrency investors, amid public outrage
Thailand’s SEC Withdraw Regulation Plan
The Securities and Exchange Commission of Thailand withdrew its previous plan that set a minimum annual income requirement of 1 million baht (about $33,000) for cryptocurrency investments in the country.
The committee made it clear that the previous draft document was issued to measure investor sentiment According to a report by the Bangkok Post on Tuesday,
Thailand’s Securities and Exchange Commission retrospective came when the country’s cryptocurrency stakeholders expressed dissatisfaction with the proposed rules, saying the rules would exclude low and middle earners from the cryptocurrency market.
Ruenvadee Suwanmongkol, Secretary General of the Securities and Exchange Commission of Thailand, explained the committee’s position on the matter:
“I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented.”
According to SEC executives, the committee has no plans to set an annual income of 1 million baht as an eligibility criterion for crypto investments.
In addition to clarifying its previous position, the Thai Securities and Exchange Commission decided to hold a public hearing on March 3, three weeks earlier than originally announced. The event was originally scheduled to take place on March 24th.
Back in February, Thai Finance Minister Arkhom Termpittayapaisith voiced his concern over the ongoing madness of the country’s cryptocurrency speculation. The finance minister said if left unchecked, the retailer’s craze for virtual currency assets could negatively impact the country’s capital market.
In fact, the trading volume for cryptocurrencies in Thailand has increased from $630 million in December 2020 to $2.17 billion in January 2021.
For the secretary-general of the US Securities and Exchange Commission, the committee’s job is to protect retail investors from the risks associated with crypto investments, and he pointed out, “If the US Securities and Exchange Commission is just on the sidelines and this is it does nothing if investors lose It is our responsibility to complete the cryptocurrency. “
Thailand is one of the most strictly regulated markets for trading cryptocurrencies, and exchanges must meet strict regulatory standards. After a series of protracted service outages, regulators had to shut down Bitkub (Thailand’s largest cryptocurrency exchange) within a few days.
Mainstream financial institutions and government agencies have also shown great participation in the digital asset space. Siam Commercial Bank launched a $50 million blockchain mutual fund in February.
The country’s tourism bureau is also trying to attract Japanese cryptocurrency holders to boost the hotel industry.