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Thailand’s SEC Clarifies Cryptocurrency Guidelines

Thailand’s SEC Clarifies Cryptocurrency Guidelines
  • Thai SEC secretary general Ruenvadee Suwanmongkol has clarified crypto guidelines.
  • Thai SEC will now require investors to pass a trading test.
  • The clarification was made during a recent Facebook live panel discussion.

Thailand’s Security Exchange Commission (SEC) has clarified its crypto rules.  The Thai SEC made the report in a recent Facebook live panel discussion.

SEC secretary general Ruenvadee Suwanmongkol revealed that the Thai SEC would now require aspiring crypto traders to either have prior trading expertise or attend a trading training session. In fact, the SEC will require traders to pass a test. The test will prove traders’ ability based on portfolio strategy and not profit or loss made.

Also, the Thai SEC will host training sessions for new traders.

Prior, the Thai SEC reported a new set of rules aimed at adding regulation on the Thai crypto market. Of note, the SEC now requires crypto advisors and fund managers to be licensed as of February 24, 2021.

The SEC also hinted at setting a minimum annual income limit for investors. The limit of 1 million baht or $32,000 sparked a lot of outrage. Crypto fans pointed out that the move would exclude middle to low income earners from the crypto market.

Users praise Crypto for its decentralized nature and low barriers to entry. DeFi mainly seems like a good option for those who have long been excluded from benefiting from financial markets. As such, the SEC’s measure would be a setback. In light of this, the SEC used the recent panel event as a chance to clarify its position.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.