9.1 C
Thursday, April 22, 2021

Thai SEC says investors should have crypto trading experience

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Thailand’s Securities and Exchange Commission has clarified its guidelines to state that cryptocurrencies that trade in the country should have basic knowledge.

In a Thai SEC Facebook Live video today, General Secretary Ruenvadee Suwanmongkol said that the guidelines proposed by the regulator now state that those interested in investing in digital assets must have prior crypto experience. trading. She added that newcomers to the market should take a cryptocurrency trading training course or take a test to prove their knowledge.

READ  Canaan Reports $ 33 Million Net Loss for 2020 Despite Bitcoin's Bullish Price Action
READ  NFT: too expensive shit or new art history? - UKTN Magazine

Suwanmongkol said the commission is running a free training course called Crypto 101 for investors who have no experience trading cryptocurrencies. However, the measure of traders’ abilities would not be based on income or financial status, but rather on how they manage investment portfolios.

The panel follows an announcement by Thailand’s SEC last month, in which a draft document hinted that the commission would impose a minimum annual income requirement of 1 million baht – roughly $ 32,000 – for crypto investing in the country. Many crypto users in Thailand have reacted indignantly to the proposal, saying it will exclude low and middle incomes from the crypto market.

READ  Copyright Infringement and NFT: How Artists Can Protect Themselves

Responding to the public, Suwanmongkol reversed the SEC’s position, said the project was intended to gauge public opinion, and announced that the regulator would hold a hearing on crypto investments. Today’s Facebook Live panel revealed the results of that audience and hinted that crypto education would replace the annual income requirement.

READ  NFT: too expensive shit or new art history? - UKTN Magazine

Thailand has had a complicated relationship with crypto. The country’s tourism board is targeting Japanese crypto holders, apparently in an effort to revive the tourism industry during the pandemic. While the Thailand-based Upbit crypto exchange received SEC approval this year, the regulator forced Bitkub to shut down briefly to address issues with several recent outages during times of high demand.

READ  BlockDown: DeFi Institutional Adoption Is Booming But Gas Fees Are Hindering Growth