The Thai SEC is set to put together a Facebook live consultation regarding cryptocurrency investment in the country. The public input is needed regarding the qualification criteria for investors in digital assets.
The hearing would be done onsite on the agency’s Facebook page on March 24th – March 27 when public consultations would be concluded.
These regulations are aimed at making sure only individuals who meet certain criteria are allowed to invest in cryptocurrency.
The first requirement is that only individuals with a net worth of 10 million baht ($332,500) (excluding the value of their permanent residence and) and an annual income of 1 million baht ($33,250) can actually invest directly in cryptocurrency.
The second requirement is that investors in cryptocurrency are required to have at least 2 years experience in investment and training in trading related activities.
This announcement by the SEC came sometime this month. These regulations are to make sure investors are protected using appropriate means as the interest in cryptocurrency investments is on the rise throughout the nation.
It is important to note that cryptocurrency as a financial innovation is highly risky. Therefore, individuals who seek to invest in it should have a well grounded and solid financial profile that does not react so terribly to loss of investment and is less vulnerable to risk.
Nevertheless, individuals who do not meet these requirements can also make their investments through approved financial advisers according to SEC General, Ruenvadee Suwamongkol when addressing Bloomberg.
He also stressed the fact that students and young people make up the most cryptocurrency investors in domestic exchanges.
It is not however a crime to love technology and its improvement. One cannot stop new tech innovations. The reports from the Thai SEC stated that the regulator is not is not anti innovation but wants to streamline the activities of the users in the sector
One cannot change the fact that technology now drives the world but it is still important to take note of the fact that investing in such ventures can lead to negative experiences such as depression and loss of money.