Thailand’s Financial Services Authority has reportedly abandoned its controversial initial proposal to introduce an encryption rule. Referring to the country’s Securities and Exchange Commission (SEC), a local media outlet said public criticism of the issue was important.

People have misunderstood the minimum annual income rule, according to ESA

According to the Bangkok Post, Thailand’s SEC is abandoning its plan that would require crypto investors to have a minimum annual income of more than one million baht ($33,000). The proposed measure is controversial because it significantly exceeds the national median income.

In fact, the Financial Services Authority of Thailand argued that the original proposal had only been published to test the public opinion of stakeholders. The test results have sparked a wave of criticism, the SEC said.

Securities and Exchange Commission Secretary General Ruenwadi Suwanmongkol confirmed the objective of testing the first project:

I have proposed criteria that many consider too stringent to encourage people to speak out on this issue.

The regulator wanted to weigh public opinion, the official said, a routine protocol before submitting a formal proposal for consideration.

However, the SEC secretary said an annual income of $33,000 was not the required minimum because people misunderstood him. However, it did not specify the exact amount.

The watchdog has already spoken to the national exchanges

Despite the controversy, the Securities and Exchange Commission is pushing for the rapid implementation of encryption regulations in the domestic industry. noted Mr Ruenwadi:

If the SEC stands idly by and does nothing, we are fully responsible when investors lose on cryptocurrency.

She also confirmed this on the 26th. The month of February was dedicated to the exchange of national cryptographic currencies.

Like the 24th. According to the February report, the Secretary also proposed that non-qualified cryptocurrency operators could only invest through financial advisors if they are licensed by the SEC.

What do you think of this new initiative by the Securities and Exchange Commission of Thailand? Let us know in the comment section below.

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