The Thai Prime Minister warns investors against investing in crypto because interest in digital assets increases - regulation
The Thai Prime Minister warns investors against investing in crypto because interest in digital assets increases - regulation
The Thai Prime Minister has warned investors to enter cryptocurrencies and point out that they are volatile and high -speculative. Interest in cryptocurrencies has risen lately because young investors in the country have discovered that they can quickly make money with investments in cryptocurrencies.
The Thai Prime Minister warns of crypto investment
Ratchada Thanadirek, deputy spokeswoman for the Thai Prime Minister's office, said on Saturday that Prime Minister Prayuth Chan-Ocha was concerned about people who invest in cryptocurrencies, especially young investors.
The warning came when the Prime Minister learned that Thai ranked in droves in cryptocurrencies due to their spectacular returns.
The Prime Minister, however, asked investors to take into account the risks of a system into this asset class. He found that cryptocurrencies have no supporting fundamental data and that they are highly speculative and very volatile.
He also asked the parents to be careful for their children at the opening of trading accounts, and emphasized that investments of minors had to be monitored closely.
In addition, the prime minister asked investors to understand the investment risks and accept all losses. You should make some research and carefully weigh investments before making a decision. Above all, you should not be fooled by the hype and have to select a service provider licensed by the Securities and Exchange Commission (SEC).
Ratchada said: "The prime minister is happy that the new generation is interested in investments. But all investments are risky." She stated:
Young people of the new generation, including parents, are encouraged to study and learn data before every investment in order to understand the risk characteristics of the investments.
"Assess yourself whether you can accept the possibly occurring risks, including reviewing the legitimacy of the service provider. Do not be fooled by advertisements from companies to invest in digital assets," she added.
At the moment, data from the Thai SEC show that there are 1.49 million trading accounts for digital assets, of which 311,000 active accounts are, with an average daily trade value of $ 6.6 billion ($ 198 million). About 3% of dealers are young people under the age of 20 and about 47% are under 30 years old.
In the meantime, the number of securities service companies has risen rapidly, some of which have no operating license in the country. The Prime Minister also warned the public and crypto investors to be careful when using non-licensed services, since they are not legally protected.
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