Thailand’s Securities and Exchange Commission has announced that it will impose strict regulations on cryptocurrency companies that advertise in the country.
Thailand’s Securities and Exchange Commission will regulate advertisements
Thailand’s regulators plan to strictly regulate cryptocurrency advertisements.
The Thai Securities and Exchange Commission (SEC) issued a statement stating that the regulatory body would impose strict rules on cryptocurrency-related advertisements.
In today’s statement, advertisers were given six guidelines. First, Thailand’s SEC stated that advertisements could not be false or misleading. The regulator warned against inflating user counts specifically.
Second, the regulator stated that advertisers must disclose advertising costs. Third, it stated that warnings should be clear and easy to read, emphasizing both opportunities and risks.
The SEC also stated that specific cryptocurrencies could only be advertised through limited channels, such as official websites. Crypto companies, on the other hand, will be able to advertise their general services on open channels.
The SEC also stated that business owners must provide advertising services.
Finally, the SEC announced that it would repeal an unspecified provision related to introducing broker agents (IBAs), who typically refer clients to brokerage services.
The new rules went into effect on September 1. All advertisements published prior to the change were required to be revised within 30 days.
This is not the SEC’s first significant piece of legislation in Thailand. It effectively banned cryptocurrency as a means of payment earlier this year.
On August 30, Thailand’s SEC announced enforcement actions and a $234,000 fine against the crypto exchange Bitkub for insider trading.
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