Securities and Exchange Commission (SEC) of Thailand has rolled out new rules and regulations on advertising for crypto companies after the industry has come under scrutiny from authorities.
The new rules include providing a balanced view of potential risk and returns and clearly showing investment risks in advertisements, the SEC said on Thursday. Information on advertising terms must also be given to regulators.
The SEC said that operators must give details of spending and ads, including the use of bloggers and influencers, to the SEC, including terms and time frame. He added that operators had 30 days to comply with the new rules.
Crypto companies in Thailand advertise extennsively on digital media, and billboards promoting the industry can also be seen throughout the city’s capital Bangkok. Recently, Thailand’s regulator has also imposed fines to crypto companies, with the operations of several companies hit by a worldwide slump in the value of digital currencies.
An executive from local operator Bitkub, Samret Wajanasathian, was fined $231,670.75 (8.5 million baht) this week for insider trading. Samret said he would appeal the decision.
Last month, Thailand’s fourth-largest lender by assets, SCB X PCL, scrapped a $500 million worth of acquisition of Bitkub over regulatory concerns.
Rival operator, Zipmex, was fined 1.92 million baht on Wednesday for suspending withdrawals in July. The startup said in that it was closely assessing the terms of the penalty with their legal counsel.