Thai watchdog backs off crypto rules plan

Thailand’s Securities and Exchange Commission (SEC) is backing off its draft plan to require a 1-million-baht (US$33,000) minimum annual income and other requirements for crypto investors, noting the draft was just meant to test public sentiment from stakeholders, the Bangkok Post reports.

A live talk about the hearing on the SEC’s Facebook page will be rescheduled to March 3 – three weeks earlier than the original schedule on March 24 – after the draft provoked strong public criticism within a few hours of its announcement.

The proposal drew fire because of its excessively high standards for crypto traders, which would effectively bar people with low or middle incomes and trading experience from investing in cryptos.

In response to the public furore, Ruenvadee Suwanmongkol, secretary-general of the SEC, said the criteria were proposed just to gauge public opinion, a normal protocol when drafting new regulations, and can still be modified in accordance with the opinions of stakeholders.

“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,” she said.