Under the new regulations, cryptocurrency investors must have previous experience or training to prove their knowledge of cryptocurrency.
Thailand’s SEC (Securities and Exchange Commission) is planning to require cryptocurrency investors to have basic knowledge and trading experience to invest in the sector.
In February, the SEC announced it was considering introducing new qualifications for retail crypto investors, including screening criteria which would include age, trading experience and wealth. The SEC said at the time the proposed requirements are meant to protect investors.
Although no timeframe was set, the SEC has reportedly agreed to establish new regulations covering cryptocurrency trading in Thailand.
SEC secretary-general Ruenvadee Suwanmongkol announced that under the new regulations, cryptocurrency investors will have to have previous experience or training to prove their knowledge of cryptocurrency. “The SEC will improve regulations in line with the committee’s resolution as soon as possible.”
To help build knowledge and experience among Thai crypto investors, the SEC has is organising free weekly training dubbed ‘Crypto 101’ starting 8 April, to enhance public awareness of digital assets and cryptocurrencies.
The training to be held via Facebook Live will be hosted in conjunction with the Thai Digital Assets Association (TDAA).
“Starting with providing basic knowledge through online channels, this will provide opportunities for interested people to learn by themselves easily and at no cost, and encourage people to have a better understanding of the product and the risks before making a purchase,” the SEC said.
Previously, the SEC suggested imposing a THB 1 million annual income requirement for cryptocurrency investors, but the proposal was withdrawn due to criticism it would exclude low and middle-income earners from the crypto market.
The SEC abandoned the proposal and instead announced new training and regulations.