Cryptocurrency advertisements in Thailand must indicate potential risks of investing in the nascent asset class, the nation’s Securities and Exchange Commission (SEC) said in a statement on Thursday.
See related article: Singapore central bank warns against crypto marketing, promotion
Fast facts
- Crypto businesses in the Southeast Asian nation must report all details of advertisements and related spendings, including collaborations with influencers and bloggers, to the SEC, the regulator said.
- Currently, digital asset advertisements lack warnings on crypto’s high volatility and are limited to positive information which may mislead the general public, according to the SEC.
- The market watchdog said that cryptocurrency ads can only be displayed on official channels of businesses.
- Firms must comply with the new rules within a month, the SEC said.
- Thailand has been tightening its digital assets oversight after authorities were criticized for failing to protect local investors of Zipmex, a licensed cryptocurrency exchange that temporarily suspended withdrawals in July.
- Zipmex was fined 1.92 million baht (US$52,287) by the SEC for violation of local digital assets laws by halting trading on its platform.
See related article: India’s crypto ads to get ‘highly risky’ banners starting April