The Thai SEC consults the public on cryptocurrency investor income rules (New)steemCreated with Sketch.

in Project HOPE4 years ago (edited)

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Source https://images.app.goo.gl/MzszGKAfuxXxi1sf6

The Thai investors who do not qualify for cryptocurrency trading under recommended SEC rules would still be able to invest through licensed fund managers.

The Securities and Exchange Commission of Thailand has begun a public interview on proposed crypto investor qualification rules.
According to an official statement Thursday, the Thai SEC is now seeking public comments on proposed requirements for cryptocurrency investors including certain income and trading experience specifications.

As part of this initiative, the Thai SEC is preparing to hold a live hearing through its Facebook page on March 24th, 2021. While the public consultation will continue until March 27th, 2021, the authority said.

According to a proposed consultation paper, the regulator is preparing to set solid limits on crypto trading in Thailand, including requiring local cryptocurrency investors to possess net assets of at least 10 million baht ($332,500) as well as have a yearly income of 1 million baht ($33,250). According to this proposed rules, investor net value will not include the value of real estate used for permanent residence.

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Source https://images.app.goo.gl/RLgdh3GuVn5iby5T9

As part of the new investor requirements, the SEC is also looking to require traders to having investing knowledge and education. While Local traders should have a minimum of two years of experience in securities or derivative trading or should obtain a special certification from the approved institutions.

The SEC originally announced its plans for cryptocurrency investor requirements earlier this month. By initiating the new rules, the authority aims to guarantee proper investor protection standards as local interest in cryptocurrency investments surges.

“Cryptos is a financial discovery that is opened to high volatility. Investment in this digital asset thus needs knowledge and understanding and a risk form that is not so sensitive to investment loss,” the new announcement notes.
The secretary-general of the SEC, Ruenvadee Suwanmongkol told Bloomberg that investors who do not qualify for trading will still be able to invest within financial advisers or licensed fund managers.

Written by @cryptocheta
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I really dislike the absolute requirement of knowledge to invest. Kind of like forcing everyone to trade the same way. Maybe contingent, i.e. unregulated investing with 50% of disposable income.

Yes @machnbirdsparo I agree with your saying "Maybe contingent, i.e. unregulated investing with 50% of disposable income". Well let us continue to watch and see, and thanks for your reply.

 4 years ago 

Dear @cryptocheta

Finally I've managed to find time to read your previously bookmarked publication. Interesting choice of topic btw.

I'm not sure how to interpret your post. Could I assume that Thailand is friendly or unfriendly towards their crypto-investors?

requiring local cryptocurrency investors to possess net assets of at least 10 million baht ($332,500) as well as have a yearly income of 1 million baht ($33,250)

I don't get it. What does it mean?
Would that mean that noone who has at least 10 million baht can invest in crypto? smaller individuals couldn't purchase any bitcoin or steem?

Thanks for posting within PH. Upvote on the way :)
Yours, Piotr

Thanks for reading the post @crypto.piotr, there lots a questions when comes to btc, what I researched have showed me that crypto is here to stay.

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