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Thai Prime Minister Cautions Investors Getting Into Crypto as Interest in Digital Assets Soars – Regulation Bitcoin News

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Thai Prime Minister Cautions Investors Getting Into Crypto as Interest in Digital Assets Soars


The prime minister of Thailand has cautioned investors getting into cryptocurrencies, noting that they are volatile and highly speculative. Recently, interest in cryptocurrencies has soared as young investors in the country discovered that they could make money quickly by investing in cryptocurrencies.

Thai Prime Minister Warns About Crypto Investing

Ratchada Thanadirek, deputy spokeswoman for the Thai Prime Minister’s Office, said Saturday that Prime Minister Prayuth Chan-ocha is worried about people investing in cryptocurrencies, particularly young investors.

The warning came as the prime minister learned that Thai people entering the workforce have flocked to invest in cryptocurrencies due to their spectacular returns in a short period of time.

However, the prime minister urged investors to consider the risks of investing in this asset class. He noted that cryptocurrencies have no supporting fundamentals, and they are highly speculative and very volatile.

He also asked parents to be cautious when opening trading accounts for their children, emphasizing that investing by minors must be supervised closely.

Furthermore, the prime minister urged investors to understand the investment risks and be able to accept all losses. They should do some research and consider investments carefully before making a decision. Most importantly, they should not be fooled by the hype and must select a service provider that is licensed by the country’s Securities and Exchange Commission (SEC).

Ratchada stated: “The prime minister is glad that the new generation is interested in investing. But all investments are risky.” She elaborated:

Young people of the new generation, including parents, are encouraged to study data and learn before investing every time to understand the risk characteristics of the investments.

“Assess yourself whether you can accept the risks that may arise, including checking that the service provider is legit. Don’t be fooled by advertisements by any companies to invest in digital assets,” she added.

Currently, data from the Thai SEC shows there are 1.49 million digital asset trading accounts, 311,000 of which are active accounts, with an average daily trading value of 6.6 billion baht ($198 million). Approximately 3% of traders are youth under 20 years of age and about 47% are under the age of 30.

Meanwhile, the number of investment services firms has also grown rapidly, some of which do not have a license to operate in the country. The prime minister further warned the public as well as crypto investors to be careful when using services that are unlicensed as they are not protected by law.

What do you think about the Thai prime minister’s warning? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation – Regulation Bitcoin News

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Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation


Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.”

Coinbase’s CEO on Crypto Regulation

The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday.

Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders.

Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support.”

He also mentioned President Joe Biden’s executive order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the U.K., Hong Kong, Brazil, and other markets.

Armstrong opined:

It’s sort of strange to say, but … in some ways, the more regulation there is for crypto, the better it is for Coinbase.

“We’re more than happy to engage with any regulators around the world who will take time to meet with us. We don’t see this as a bad thing. On the contrary, we believe it’s the best way to help the industry move forward,” he noted.

Armstrong on SEC’s Alleged Investigation of Coinbase

Addressing recent headlines that the U.S. Securities and Exchange Commission (SEC) may be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC sent Coinbase a “voluntary request for information,” including details of its asset listings process. He emphasized:

We do not yet know if this inquiry will become a formal investigation.

Last month, the SEC charged a former Coinbase product manager in an insider trading case and stated that nine crypto tokens listed on Coinbase are securities. The Nasdaq-listed company has disputed any allegations that it lists crypto securities.

What do you think about the comments by Coinbase CEO Brian Armstrong? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed – Regulation Bitcoin News

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Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed – Regulation Bitcoin News


Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently revealed. In addition, some 51,000 social media posts with content relating to the marketing or promotion of investments in virtual currencies were removed.

105 Websites Shut Down

A Chinese regulator, the Cyberspace Administration of China (CAC) reportedly said 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investment have been closed. A further 989 Weibo, Tieba, and Wechat public accounts that encouraged internet users to invest in virtual currencies including bitcoin, were also closed as per the law.

At the same time, 51,000 social media posts whose content promoted investments in virtual currencies were removed. In addition, the CAC is also reported to have “shut down 105 website platforms such as ‘Bi Toutiao’ which specifically advocates for virtual currency marketing and publishes tutorials explaining cross-border currency speculation and virtual currency mining.”

According to a report on a Chinese-language website, the CAC and other agencies’ crackdown on virtual currency investing activities is in line with the decisions of the Communist Party.

More Businesses Targeted

The report also revealed that a local network information department has since been tasked with probing 500 business entities that are “involved in the promotion and speculation of virtual currency.” The department has similarly been asked to remove content relating to virtual currency speculation.

In a warning to Chinese internet users, the CAC said they first need to establish the right investment concept as well as avoid participating in speculative trading. Internet users also need to “guard against personal property damage.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets – Regulation Bitcoin News

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Thailand to Tighten Crypto Oversight, Give More Powers to Central Bank


Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister.

Thai Central Bank Will Help Regulate Crypto Industry

Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms.

Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country’s crypto regulations will “bring the central bank to be part of it,” Bloomberg reported Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under the current rules passed in 2018, the securities watchdog has the sole mandate to supervise the crypto industry.

The decision to overhaul crypto regulations followed the halting of withdrawals by Zipmex (Thailand) Ltd., a licensed cryptocurrency and digital token exchange in the country. Zipmex recently allowed some coins to be withdrawn but the company filed for a moratorium in Singapore.

Noting that the current regulatory framework for digital assets “is not clear enough to regulate the industry,” Termpittayapaisith was quoted as saying Monday:

Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services.

However, the official stressed that the aim of tighter crypto regulations is to provide investors with greater protection, not to throttle innovation or technology.

The Thai finance minister proceeded to compare crypto exchanges to traditional finance platforms. “For the stock exchange, you have the paper to prove you are the owners. In the digital world, you have nothing except for the consent that you put at the bottom, which people never read,” he detailed, elaborating:

We are trying to protect investors as well as keeping the players in the industry in the fair terms.

SEC Secretary-General Ruenvadee Suwanmongkol revealed plans to overhaul current crypto regulations in July. She explained that the proposals included stricter qualifications for management and licensing of crypto custodians.

“The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision,” she noted at the time. “Our main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets.”

Tags in this story
bank of thailand, thai, thai central bank, thai crypto regulation, thai cryptocurrency regulation, thai digital assets, thai sec, thai securities and exchange commission, thailand, thailand crypto, thailand cryptocurrency, Zipmex

What do you think about Thailand empowering the central bank to oversee the crypto sector? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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