SEC:Digital asset is not suitable for everyone

BANGKOK, February 19 (TNA) - Thailand's Securities and Exchange Commission (SEC) warns that the digital asset is not suitable for everyone, as its risks remain even after new measures to regulate and oversee its trading and investment will be implemented in the near future. While publicly voicing the warning, SEC Secretary-General Rapee Sucharitakul said that people who do not understand in the cryptocurrency very well should not trade or invest in the digital asset. Rapee explained that traders and investors of the digital asset remain facing such risks as the stability of digital businesses they are clients, the fluctuation of digital asset prices and the security of digital asset as it may face cyber crime. Besides, compensations from financial risks and damages caused by trading and investing in digital asset cannot be lodged to any party. The Thai SEC chief noted that new legal measures to be introduced soon to oversee and regulate cryptocurrency trading and investment can mainly prevent traders and investors from swindling cases and Ponzi schemes. "Trading and investment in digital money of all forms, including the issuance of an initial coin offering (ICO), need in-depth knowledge and understanding of the cryptocurrency by traders and investors due to its high risks in many aspects", stressed the Thai SEC secretary-general. (TNA)