Financial regulators in Thailand may adjust the minimum annual income qualification for crypto investors amid public outrage.
Thailand’s Securities and Exchange Commission has walked back previous plans to enact a 1 million baht (about $33,000) minimum annual income requirement for crypto investment in the country.
According to a report by the Bangkok Post on Tuesday, the Commission has clarified that the previous draft document was published to gauge investor sentiment.
The Thai SEC backtracking comes amid outrage from crypto stakeholders in the country who bemoaned the proposed rule saying that it would exclude low and middle-income earners from the cryptocurrency market.
Clarifying the commission’s position of the matter, Ruenvadee Suwanmongkol, secretary-general of the Thai SEC stated:
“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.”
According to the SEC executive, the commission did not have any intention of setting a 1-million-baht annual income as a qualification standard for crypto investment.
In addition to clarifying its earlier position, the Thai SEC has also decided to hold its public hearing on crypto investments on Mar.