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Thailand’s SEC Withdraws Proposal On Qualification Requirements For Cryptocurrency Investors

The Securities and Exchange Commission (SEC) of Thailand has withdrawn a draft proposal that would impose restrictions on cryptocurrency investment and qualification requirements for investors.

As reported by the Bangkok Post, Thailand’s SEC has withdrawn the draft cryptocurrency investor qualification requirements that were submitted for public comment last week. The reason for the recall was a negative reaction from the public.

According to the withdrawn project, local cryptocurrency investors must have a net worth of at least THB 10 million ($ 332,500), and the annual income of such investors should be at least THB 1 million ($ 33,250). At the same time, the investor’s net worth does not include the real estate where he permanently resides. Potential investors were also required to score over 80% in the cryptocurrency knowledge test conducted by exchanges.

The project proposed by the SEC caused a violent public reaction. Cryptocurrency social media advocates argued that the move would deprive low- and middle-income people of the opportunity to invest in cryptocurrency.

In response, Securities and Exchange Commission General Secretary Ruenvadee Suwanmongkol stated that strict criteria were proposed to “get people to give their opinion on this matter,” and that these were not final qualifications, which would have been spelled out in the law.

For the first time, the introduction of possible qualification requirements for Thai cryptocurrency investors became known in the middle of last month.

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