The Securities and Exchange Commission (SEC) of Thailand will Enforce Stringent guidelines to govern the advertising done by the crypto companies running within the jurisdiction by this year’s October. On 1st September, the SEC of the country informed the crypto businesses through email messages that ads dealing with digital currencies require to have transparent cautions regarding the investment by the customers.
Stringent Regulations to Be Set by Thai SEC over Crypto Ads
After that, the respective statement was additionally published on the formal website of the SEC. The watchdog has formed the latest standards for the advertisements covering crypto-related products while responding to several marketing movements in which the risk cautions for investments have been neglected altogether.
The exclusive standards will also demand from the adverts to make promotions truthfully without including any false claims that could mislead the consumers. In addition to this, it is instructed that the advertisements should be balanced as the pros and cons of the products for which they are pursuing investments. The companies will require limiting the advertisement of the direct promotions of crypto products to the formal channels such as their formal websites.
There will be another requirement for them to report to the SEC about the details of spending and adverts, taking into account the utilization of bloggers and influencers on social media as well as the terms thereof. The well-known crypto exchanges such as Zipmex and Bitkub have advertisements on big billboards as well as in the hubs of public transport, advocating their services and mobile applications to the potential consumers within the jurisdiction.
The promotion of the respective services is even now allowed in public areas per the directive of the Securities and Exchange Commission. The firms have been provided 30 days to abide by the latest requirements the agendas are being continuously developed by the regulator to secure the retail investors within the country. This would take into account modernizing or modifying the present adverts throughout online, print, as well as real-world venues.
Bitkub’s CTO Penalized by the Thai Regulator with a Fine over Insider Trading
Apart from that, the SEC noted that this step was taken according to the regulatory parameters implemented in the rest of the countries such as Spain, Singapore, and the United Kingdom. During the previous month, the regulator started evaluating Bitkub and fined Samret Wajanasathian (the CTO of the company) for being accused of insider trading via the local KUB token.