The Securities and Exchange Commission of Thailand (SEC) has decided to cancel its new cryptocurrency regulation plan after facing widespread opposition from the local community for setting high standards for investors.
According to a Bangkok Post report, the standard requires investors to have a minimum annual income of 1 million baht (approximately $ 33,000). It is seen as too high, compared to Thailand's GDP per capita which is only around $ 7,800 a year.
The draft rules suggest that all Thai citizens who wish to invest in crypto must make income verification. This matter received great criticism from the community after the draft was published.
The SEC appears to respond that the proposed criteria are only to measure public opinion.
Thailand is one of the developing countries showing strong interest in investing in cryptocurrencies and the growing interest in the market prompted the SEC to regulate this investment.
