BANGKOK (Reuters) – Thailand’s Securities and Exchange Commission (SEC) has introduced new rules on advertising for cryptocurrency companies after the industry came under increased scrutiny from the from the authorities.
The new rules include clearly showing the risks of investing in ads and providing a balanced view of potential risks and returns, the SEC said in a statement Thursday.
Information on advertising conditions must also be provided to regulators.
“Traders must give the SEC details of advertisements and expenses, including use of influencers and bloggers, including terms and time limits,” the SEC said, adding that traders have 30 days. to comply with the new rules.
Crypto companies in Thailand advertise heavily on digital media, and billboards promoting the industry can also be seen throughout the city’s capital, Bangkok.
In recent days, the Thai regulator has also imposed fines on crypto companies, as the operations of many companies have been affected by a global drop in the value of digital currencies.
Samret Wajanasathian, an executive at local operator Bitkub, was fined 8.5 million baht ($231,670.75) this week for insider trading. Samret said he would appeal the decision.
Last month, Thailand’s fourth-largest lender by assets, SCBX Pcl, scrapped a $500 million acquisition of Bitkub due to regulatory concerns.
Rival operator, Asia-focused Zipmex, was fined 1.92 million baht on Wednesday for suspending withdrawals at the end of July.
The startup said in a Facebook post that it was “carefully evaluating the terms of the sanction with our legal counsel.”
($1 = 36.6900 baht)
(Reporting by Chayut Setboonsarng; Editing by Ed Davies)
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