According to reports, the Thai financial regulator has withdrawn its initially controversial proposal for encryption rules. A local media quoted the country’s Securities and Exchange Commission (SEC) as saying that public criticism of the matter is important.

The SEC claims that people are “misunderstood” the minimum annual income rule

According to a report in the Bangkok Post, the Securities and Exchange Commission of Thailand is withdrawing from its plan, which allegedly requires cryptocurrency investors to have a minimum annual income of more than 1 million baht ($33,000). The proposed measure has caused controversy because the amount is much higher than the national average income.

In fact, the Thai financial regulator claimed that the original proposal was only issued to “test the public sentiment of stakeholders.” The SEC said that the results of the test sparked “a wave of strong public criticism.”

SEC Secretary-General Ruenvadee Suwanmongkol confirmed the test purpose of the first draft:

I put forward standards that many people think are difficult to get people to say about this matter, and I don’t intend to say that these are the exact conditions that will be implemented.

The regulator wants to measure public opinion because the official stated that this was a “normal agreement” that was made before the formal proposal was submitted for review.

However, the SEC secretary clarified that the annual income of $33,000 is not the minimum requirement because people “misunderstood” it. However, she did not explain the exact amount.

Watchdog has negotiated with domestic exchanges

Despite the controversy, the SEC still calls for the implementation of encryption rules in the domestic industry as soon as possible. Ruenwald commented on the matter:

If the US Securities and Exchange Commission just sits on the sidelines and does nothing, then if investors lose cryptocurrency, it will be entirely our responsibility.

In addition, she confirmed that the regulator had had a dialogue with the domestic cryptocurrency exchange on February 26.

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As reported on February 24, the Secretary-General also suggested that unqualified cryptocurrency traders can invest through financial advisors only with SEC permission.

What is your opinion on this latest move by the Securities and Exchange Commission of Thailand? Let us know in the comments section below.

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