Public Backlash has Prompted the Thai SEC to Clarify it's Proposed Crypto Rules

By: Dickson Arinze

March 3, 2021 4:22 AM

The Thailand citizens swift criticism of the SEC proposed crypto law may have left the financial regulators with no choice but to review.

Financial regulators in Thailand may have to modify the minimum annual income required for crypto investors after public fury.

Public fury on proposed plan has forced Thailand’s Securities and Exchange Commission to reverse back its previous plan to authorize a 1 million baht equivalent to $33,000 minimum annual income requirement to qualify for crypto investment in the country.

As reported by the Bangkok on Tuesday, the Thai SEC has explained that the previous draft document that circulated was done to measure investors opinion.

The financial regulators has modified the plan just after crypto stakeholders in the country lamented on the new proposed rule as they feel its a ploy to restrict low and middle income earners from accessing cryptocurrencies.

In a bid to the clarify the SECs position on the topic, Ruenvadee Suwanmongkol, secretary-general of the Thai SEC, stated:

“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.”

Suwanmongkol said the SEC had no intention of setting 1 million baht as an annual income to be qualified for crypto investment.

Thailand crypto trading volume has grown in recent months from about $630 million in late December 2020 to $2.17 billion early January.