Thai SEC forced to clarify proposed Crypto rules after public backlash.

Thai SEC forced to clarify proposed Crypto rules after public backlash.

Thailand’s Securities and Exchange Commission has walked back previous plans to enact a 1 million baht (about $33,000) minimum annual income requirement for crypto investment in the country.

According to areportby the Bangkok Post on Tuesday, the Commission has clarified that the previous draft document was published to gauge investor sentiment.

The Thai SEC backtracking comes amid outrage from crypto stakeholders in the country who bemoaned the proposed rule saying that it would exclude low and middle-income earners from the cryptocurrency market.