The Thai Securities and Exchange Commission clarified its rules, which stipulate that those who trade cryptocurrencies in the country must have basic knowledge.
In a live video on Facebook today from Thai SEC, Secretary General Ruenwadi Suwanmongkol said that the currently proposed guidelines for the regulator state that people interested in investing in digital assets should have prior experience in trading cryptocurrencies. She added that new entrants to the market should either take a course in cryptocurrency trading or undergo a test to validate their knowledge.
Suwanmongkol said the committee is organizing a free course called Crypto 101 for investors who have no experience trading cryptocurrencies. However, it is claimed that the assessment of traders’ ability will not depend on income or financial position, but rather on how they manage investment portfolios.
The group followed an announcement by the Thai SEC last month, in which a draft document indicated that the committee would set a minimum annual return of 1 million baht – about $ 32,000 – for cryptocurrency investments in the country. Many cryptocurrency users in Thailand responded with indignation to the proposal, saying that it would exclude people with low and middle incomes from the cryptocurrency market.
When asked by the public, Suwanmongkol agreed with the SEC’s position, said the project aims to gauge public opinion and announced that the regulator will hold hearings on cryptocurrency investments. Facebook Live today showed the results of this consultation and suggested that encrypted education will replace annual income.
Thailand has a complex relationship with the cryptocurrency. The country’s tourism board is targeting Japanese cryptocurrency holders, in an apparent attempt to revive the tourism industry during the pandemic. While Thailand-based company Upbit won SEC approval this year, the regulator forced Bitkub to close briefly to correct problems stemming from several recent disruptions during periods of high demand.