Thai financial regulator has receded from it's controversial policy, that required crypto investors to have a minimum annual income of over one million baht ($33,000).
According to the Bangkok post, there have been massive criticisms of the initial plan and it led to the withdrawal of the plan.
As at the time of writing this news, it was gathered that the financial regulator of Thai has outrightly withdrawn its initial plan on crypto users. Also the following information was extracted from the news;
That the Securities and Exchange Commission ruled out the fact that the rule is no longer in existence.
According to the Bangkok post, it says that the Thai SEC withdrew it's initial plan based on a huge wave of public criticism.
And that the plan was to supposedly require crypto investors to have an annual income of over one million baht ($33,000).
According to Ruenvadee Suwanmongkol, secretary-general of the SEC confirmed the testing purpose of the initial draft in his as stated that ' 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.
The regulator conducted a survey to know the reactions of people as the official stated that it is a normal protocol made before an official proposal is submitted to be reviewed.
The SEC's Secretary-General however said that the $33,000 annual income was not the minimum required by people as they "misunderstood' it. Still, she is yet to explain what the exact amount was.
Irrespective of the controversies, the SEC still calls for the implementation of crypto rules as soon as possible in the domestic industry. Ruenvadee emphasised on the matter
Other important updates from the news are that she confirmed that on February 26, the regulator had conversations with domestic crypto exchange.
And as at February 24 news.Bitcoin.com recognized the fact that the secretary-general had suggested that non-qualified crypto traders can be aided by financial advisers only if they are licensed by the SEC.
What are views about this current plan by the Thai SEC?
