SEC of Thailand Faced A Lot Of Backlash By The Public, Got Forced to Make Amendments

The regulators of the Securities and Exchange Commission of Thailand might amend the qualification of minimum income needed for an investor to invest in cryptocurrency after a public setback.

Public Outrage After an SEC Statement

The Securities and Exchange Commission of Thailand has taken back its decision to set a standard of $33k or 1 million baht in their local currency as the minimum annual income for a person to be allowed to invest in crypto and digital assets by the state.

The Bangkok Post published a report on Tuesday in which it states that the SEC has put on a statement which clearly says that their last document was just a draft which was created to analyze the investor’s point of view.

The SEC of Thailand’s defense statement came after their first news was massively disapproved by the crypto investors and made them angry because it was about a discriminatory law that would have taken away the chance from the low and mid-income population of entering or investing in the crypto and digital asset market.

Government’s Point of View

The Secretary-General of Thailand’s SEC, Ruenvadee Suwanmongkol, tried to clarify the government’s narrative and said that he put up this idea of setting a minimum income standard for people to be able to invest in the crypto market to safeguard the public interest because no one was ready to speak about it, he did not mean that those are the final standards and that the would-be implemented as a law.

The government was not intending to set the amount of $33,000 or 1 million baht as a necessary requirement needed to invest in crypto, according to the Secretary-General of SEC.

The SEC has decided that it will host a public hearing on 3rd March 2021 to know the public opinion. This hearing was originally intended to be held three weeks after 3rd March on 24th March, but they had to push it sooner because of the public upset.

The Finance Minister of Thailand said in his statement in February that the crypto market is a good opportunity, but if people don’t invest in it sensibly, it could have a very negative impact on the country’s financial markets.