The Thailand Securities and Exchange Commission has moved to placate a public outcry over its recently released cryptocurrency draft laws.
The draft laws released at the end of February sparked a swathe of pushback from the public as they put strict, exclusionary criteria for citizens to be able to trade cryptocurrencies which included a requirement of an annual income of 1 million baht (~$32900).
Other stipulations included a requirement for investors to have two years experience of trading cryptocurrencies or traditional stocks or future in order to be given permission to continue trading cryptocurrencies. Investors that earned less than 1 million baht annually but had a net worth greater than 10 million baht (~$329,000) or investment portfolio valued over 5 million baht would also be permitted to trade cryptocurrencies.
The draft laws would allow unqualified Thai citizens to be able to buy stable coins. Otherwise their only other option to invest in or trade cryptocurrencies would be through a licensed digital asset fund manager.
Backtracking on laws
According to a report from the Bangkok Post, the Thailand SEC has seemingly backtracked on its plans set out in the draft laws, saying that they were released to gauge public sentiment.
Thailand’s SEC secretary-general Ruenvadee Suwanmongkol said that the release of the draft laws followed normal protocol and the SEC could still modify the particulars of the proposed legislation.
“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.
The report from the Bangkok Post also noted that the secretary-general said the SEC had a responsibility to protect lower income investors that might not be ready to trade highly volatile assets like cryptocurrencies.