It was just recently announced by the Securities and Exchange Commission from Thailand that they will soon be proposing new laws in the crypto-verse. According to the majority of the citizens and many analysts, the recently proposed regulation was going to be too much for the Thai citizens.
According to the latest reports, the Thai SEC had proposed that the citizens who would be able to generate a minimum of $33,000 as minimum earning figure in Thailand would be allowed to invest.
At the time of writing, the $33,000 figure translates into around 1 million baht. The Securities and Exchange Commission in the country stated that users meeting the minimum criteria would be allowed to perform investments and trading in cryptocurrencies.
On the other hand, people with annual earnings lower than the prescribed figure would not be able to utilize the cryptocurrency investment and trading services.
However, the Securities and Exchange Commission from Thailand ended up facing a lot of heat from the investors’ community. There is a large number of investors whose overall annual earnings in Thailand is less than the figure that the SEC has demanded to allow investments in cryptocurrencies.
After seeing so much negative response and experiencing such a high amount of backlash, the Thai SEC has released a new statement. The statement by the executives of the Securities and Exchange Commission of Thailand was made on Tuesday, March 2, 2021.
In the statement, the Thai SEC has clarified that the draft document that it released a while back was not the final document at all. The draft was released with aims to gather feedback from the public that are into cryptocurrencies. The Securities and Exchange Commission clarified that their aim was to gauge the sentiments of the investors in the cryptocurrency markets.
The above statement made by the Securities and Exchange Commission of Thailand comes as a breeze for the crypto-stakeholders in the country. The crypto-investors community in Thailand was extremely unhappy about the new regulations and ensured that their dissatisfaction was recorded.
However, with the recent statement made by the Securities and Exchange Commission, one thing has become very clear that the regulators in Thailand are fully aware of the cryptocurrency industry’s potential.
This is the reason why they were not able to handle the pressure from the stakeholders that are from the Thai crypto-industry.
The major concern raised by the cryptocurrency stakeholders around the new ruling was the minimum annual earning benchmark. The investors shared their concerns stating that the new ruling would automatically rule out the middle- and low-income earners from the industry.
Following the above statement made by the SEC, the SEC executives clarified that they have no intentions of imposing the minimum 1 million baht requirement for crypto-investments.