Thai SEC Claimed Investor Have to Possess Prior Knowledge Before Entering Crypto Trading

By Shannon Wilson | April 12, 2021

Thailand’s Securities and Exchange Commission has reportedly offered certainty into its guidelines, claiming that the ones conducting crypto trading in the nation have to possess foundational knowledge.

Specifically, via a Facebook Live video from the Thai SEC, secretary-general Ruenvadee Suwanmongkol reportedly shared that the proposed guidelines from the regulatory agency claimed that anyone looking to make investments in crypto assets are required to possess previous experience in crypto trading. 

She further stated that individuals freshly jumping in the scene should participate in a cryptocurrency trading training course or pass a test to make sure their knowledge is sufficient.

Suwanmongkol reportedly revealed that the commission was hosting a free training course dubbed Crypto 101 for investors, who do not have prior knowledge in crypto trading. 

The traders’ abilities will reportedly be assessed with criteria based on investment portfolios management, instead of income or financial status. 

The panel was reportedly rolled out after the Thai SEC made an announcement in February, where a draft paper hinting the commission would be setting the benchmark of 1 million baht – around $32,000 – in minimum yearly income, as mandatory for crypto investment in the nation. 

The development has reportedly sparked anger from numerous crypto users in Thailand, claiming that it would stop low- and middle-income earners from entering the crypto market.

Suwanmongkol reportedly responded by clarifying the purpose of the draft was to collect public opinion, with the regulatory agency organizing a hearing on crypto investments. 

The Facebook Live panel reportedly disclosed the result of the hearing, hinting that crypto education would be replacing the “1 million” mandatory. 

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