The Thai financial watchdog has reportedly pulled back on its originally controversial proposal for a crypto rule. Citing the country’s Securities and Exchange Commission (SEC), a local media company said the public criticism was significant on the matter.
According to SEC, minimum wage for people’s annual income is “misunderstood”
According to the Bangkok Post, the Thai SEC is pulling out of its plan to allegedly require crypto investors to earn a minimum annual income of over one million baht ($ 33,000). The proposed measure sparked controversy as the amount is well above the national income average.
In fact, Thailand’s financial regulator claimed that the original proposal was only made public to “test the public opinion of stakeholders”. The results of the test have sparked “a huge wave of public criticism,” the SEC said.
Ruenvadee Suwanmongkol, Secretary General of the SEC, confirmed the test purpose of the first draft:
I suggested the criteria, which many found too difficult to get people to express their opinion on the matter, and didn’t mean to say that these are the exact qualifications that will be implemented.
The regulator wanted to assess public opinion as the official stated that it was a “normal protocol” that was drawn up before an official proposal was submitted for review.
However, the SEC Secretary General made it clear that the annual income of $ 33,000 is not the minimum required because people have “misunderstood” it. Even so, she did not explain the exact amount.
Watchdog has already held talks with domestic stock exchanges
Despite the controversy, the SEC continues to demand the early implementation of crypto rules in the domestic industry. Ruenvadee commented on the matter:
If the SEC just stands by and does nothing, it’s our responsibility when investors lose cryptocurrency.
It also confirmed that the regulator had talks with domestic crypto exchanges on Feb.26.
As reported by news.Bitcoin.com on February 24, the secretary general also suggested that unqualified crypto traders could only invest through financial advisors if they are licensed by the SEC.
What do you think of this latest move by the Thai SEC? Let us know in the comments below.
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