Thailand’s Securities and Exchange Commission will implement stringent advertising rules for cryptocurrency firms operating in the country by October 2022.
The Thai SEC informed cryptocurrency-related businesses operating in the country via email that adverts concerning digital currencies must have clear investment warnings to consumers on Sep. 1. The statement was later posted on the SEC website.
The SEC regulator has instituted the new standards for cryptocurrency-related adverts in response to a number of marketing campaigns that have neglected to include investment risk warnings.
The new standards will require adverts to refrain from featuring false, misleading or exaggerated claims and include investment risks warnings. The correspondence from the SEC also calls for balanced advertising, which would entail including potential positive and negative factors of the products or services being promoted.
Firms will have to limit advertising directly promoting cryptocurrency to “official channels” like their own websites and will be required to hand over details of adverts and spending, including the use of social media influencers and bloggers and their terms, to the SEC.
Cryptocurrency exchanges like Bitkub and Zipmex have adverts on large street billboards and in public transport hubs, promoting their mobile applications and services to prospective users in the country. Advertising services is still permitted in public spaces, according to the SEC’s directive.
