Fun

Thai Financial Regulator Claims Controversial Crypto Rule Proposal Was Just to Gauge Public Opinion

News Feed - 2021-03-05 03:03:10

Thai Financial Regulator Claims Controversial Crypto Rule Proposal Was Just to Gauge Public Opinion


The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter. People ‘Misunderstood’ Minimum Annual Income Rule, Claims the SEC


According to the Bangkok Post, the Thai SEC is retracting from its plan to supposedly require crypto investors to have a minimum annual income of over one million baht ($33,000). The proposed measure sparked controversy, as the amount is well above the national income average.


In fact, the Thai financial regulator claimed that the initial proposal was published just to “test public sentiment from stakeholders.” The results of the test have ignited “a huge wave of public criticism,” said the SEC.


Ruenvadee Suwanmongkol, secretary-general of the SEC, confirmed the testing’s purpose of the initial draft: 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 wanted to gauge public opinion, as the official stated that it’s a “normal protocol” made before an official proposal is submitted to be reviewed.


The SEC’s secretary-general, however, clarified that the $33,000 annual income is not the minimum required, as people “misunderstood” it. Still, she didn’t explain what the exact amount is.


Watchdog Already Held Talks With Domestic Exchanges


Despite the controversies, the SEC still calls for the implementation of crypto rules as soon as possible in the domestic industry. Ruenvadee commented on the matter: If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency.


Moreover, she confirmed that the regulator had conversations with domestic crypto exchanges on Feb. 26.


As news.Bitcoin.com reported on Feb. 24, the secretary-general also suggested that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.


What are your thoughts about this latest move by the Thai SEC? Let us know in the comments section below. Biden"s SEC Chair Pick Gary Gensler Reveals Policies on Bitcoin and Crypto Regulation REGULATION | 1 day ago Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies REGULATION | 3 days ago Tags in this story Asia, thai sec, thailand, thailand crypto, thailand crypto regulation, thailand exchanges, thailand license


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Massive Bitcoin consolidation sparks sell-side liquidity concerns
Amaka Nwaokocha11 hours agoMassive Bitcoin consolidation sparks sell-side liquidity concernsAn unidentified individual or entity who received 2,000 Bitcoin in mining rewards in 2010 has consolidated them into a single wa
Bitcoin Price Positioned for More Upside: Can It Keep Climbing?
Este artículo también está disponible en español. Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power Bitcoin miner Cleanspark has revealed the company is expanding operations in Texas with up
USDC to embrace tap-and-go payments after Apple opens up NFC
Tom Mitchelhill5 hours agoUSDC to embrace tap-and-go payments after Apple opens up NFCUnited States stablecoin giant Circle says tap to pay functionally for USDC will be coming “soon” to iPhones.2212 Total views9 Tot
MoonPay announces PayPal fiat on-ramp for UK and EU
Vince Quill7 hours agoMoonPay announces PayPal fiat on-ramp for UK and EUMoonPay noted that PayPal is the third-most commonly used payment option in the United States, behind Apple Pay and traditional bank cards.1161 Tot
Malaysia adopts Worldcoin for personal verification and digital ID
Amaka Nwaokocha11 hours agoMalaysia adopts Worldcoin for personal verification and digital IDMalaysia aims to tackle national challenges and unlock economic opportunities by adopting cutting-edge biometric verification t
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments Central Bank of Russia is now working with commercial banks in order to delay
Bitcoin pre-halving 'pullback' calls for $45K BTC price support retest
William Suberg38 minutes agoBitcoin pre-halving "pullback" calls for $45K BTC price support retestBitcoin is keenly copying previous bull markets, but the April halving demands a period of consolidation of recent BTC pri
XRP Price Still On Track For $1.5T Market Cap And 27% Crypto Market Dominance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
The Many Facts Pointing to Paul Le Roux Being Satoshi Nakamoto
The Many Facts Pointing to Paul Le Roux Being Satoshi Nakamoto The 48-year old former programmer and criminal cartel boss, Paul Calder Le Roux, was deemed a Sato
Australian MP says the country needs blockchain ‘more than ever’
Brayden Lindrea5 hours agoAustralian MP says the country needs blockchain ‘more than ever’Australian Parliament Member Andrew Charlton said blockchain technology could add $60 billion to the economy and reverse stagn
Best Crypto to Buy as Bitcoin’s Largest-Ever Options Expiry Set to Push the King Crypto over $110K
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu