Thailand's SEC Stiffens Advertising Rules for Cryptocurrency Companies

Thailand's Securities and Exchange Commission (SEC) has tightened its advertising rules for cryptocurrency companies as authorities set its scrutinising gaze on the industry, according to a report by the National News Bureau of Thailand on Sept. 5.

The new rules came on the heels of fines that have been recently slapped on crypto companies. Last Tuesday, Aug. 30, executive of Thai-based crypto exchange Bitkub Samret Wajanasathian was fined THB8.5 million for insider trading, which he said he would appeal. This was after SCBX Pcl, the country's oldest lender, scrapped its deal to acquire Bitkub due to regulatory concerns.

Rival Zipmex was also fined THB1.9 million last Wednesday, Aug. 31, for its suspension of withdrawals back in July.

As per the SEC, the new rules, of which operators have 30 days to comply, include showing investment risks in ads and giving a fair view of the potential risks and returns involved in crypto. Details on advertising terms must also be given to regulators, the SEC added, noting that Thai crypto firms advertise strongly on digital media and billboards.

"Operators must give details of ads and spending including the use of influencers and bloggers to the SEC including terms and time frame," the SEC was quoted as saying.