Thai SEC creates new rules for crypto advertising

Key points to remember

  • Thailand’s SEC has introduced a set of six rules for cryptocurrency companies advertising services.
  • Generally speaking, these rules will ensure that clear warnings are provided and otherwise limit advertising options.
  • The rules went into effect on September 1st and all entries must be reviewed within 30 days of the effective date.

Share this article

Thailand’s Securities and Exchange Commission has announced that it will create strict rules for cryptocurrency companies that advertise in the country.

Thailand’s SEC will regulate advertisements

Thai regulators are set to strictly regulate crypto ads.

Thailand’s Securities and Exchange Commission (SEC) has issued a statement that the regulator will impose strict rules on cryptocurrency-related advertisements.

– Advertising –

Today’s statement set out six rules for advertisers. First, Thailand’s SEC insisted that advertisements must not be false or misleading. The regulator explicitly warned against inflating the number of users.

Second, the regulator said advertisers must provide details of advertising costs. Third, he said warnings should be clear and easy to read, highlighting both opportunities and risks.

The SEC also said that advertising of specific cryptocurrencies can only be done through limited channels, such as official websites. However, crypto companies will still be able to advertise their general services on open channels.

The SEC also stated that commercial operators must engage in advertising services. Finally, the SEC said it will repeal an unspecified provision regarding introducing brokerage agents (IBAs), who typically refer clients to brokerage services.

The new set of rules came into effect on September 1. All ads posted before the change had to be reviewed within 30 days.

This is not the first major regulation the SEC has implemented in Thailand. Earlier this year, it effectively banned cryptocurrencies as a form of payment.

Thailand’s SEC also announced enforcement action and a $234,000 fine on August 30 against crypto exchange Bitkub for insider trading.

However, the SEC’s strict policy did not prevent it from granting approval to crypto companies. The regulator granted licenses to four new cryptocurrency exchanges in August.

Disclosure: At the time of writing, the author of this article owns BTC, ETH and other cryptocurrencies.

Share this article

Leave a Comment