Crypto regulation is one thing that most participants in the crypto economy have welcomed, even though it might deprive them of some rights. If the sector is regulated, crimes and malicious actions will reduce drastically in the sector. Even though most countries are not 100% with digital assets, most of them try to regulate them to help their financial economy.
Take Thailand, for instance; the country recently announced a new regulation that would see holders of crypto earn a certain amount of income annually. Even though the country’s regulators have the good of the people in mind while making the law, they were quick to show their displeasure at the regulation.
Suwanmongkol says the rule was a draft and not the law
With the people meeting the new regulation with negative comments, the Securities and Exchange Commission of Thailand has been forced to revoke the law. In the law, the SEC mentioned that any individual interested in holding digital assets must have an annual income of nothing less than one million baht.
Giving their review of how the regulation went down with people, the SEC mentioned that the regulation was not yet in place as they were hoping to know what people would think about the new law. If the new regulation passed into law, it would see potential crypto traders show that they have two years of experience in trading digital assets and earning a personal income of one million baht.
The regulation also required the said individual to hold a cumulative net worth of 10 million baht, which is around $330,000, or investment of 5 million baht or $165,000. Coupled with all the rules mentioned above, the regulator also mentioned that the traders would have to undergo a test where they would have to show that they have in-depth knowledge in crypto, setting 80% as the benchmark.
The country aims to begin a live discussion session soon
Taking to various social media platforms, Thailand citizens fired back at the SEC for drafting a law that would mean that low and middle-income crypto participants are removed from the equation. Answering the general outcry, the Chief of the SEC, Ruenvadee Suwanmongkol, said that the underlisted criteria were not going to be passed into law. They were just drafted to see how the general public would opine to the regulation.
The SEC has also announced that it will host a live talk soon, which is supposed to begin by March 3 and end on March 24. This recent regulation from Thailand is coming on the back of various metrics that showed that crypto adoption across the country has skyrocketed in the last few months.
In a recent report, Chainalysis mentioned Thailand as a country to watch out for in the crypto space as the country narrowly surrendered 10th place in the list of crypto rankings last year September. The country has also been a major driver in adopting digital assets, with the country hoping to lure crypto holders from Japan with a recent feasibility study.
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