BANGKOK (Reuters) – Thailand’s Securities and Exchange Commission (SEC) has rolled out new rules on advertising for cryptocurrency companies after the industry has come under greater scrutiny from authorities.
The new rules include clearly showing investment risks in advertisements and providing a balanced view of potential risk and returns, the SEC said in statement on Thursday.
Information of advertising terms must also be given to regulators.
“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 said, adding that operators had 30 days to comply with the new rules.
Crypto companies in Thailand advertise heavily on digital media and billboards promoting the industry can also been seen throughout the city’s capital Bangkok.
Thailand’s regulator in recent days has also handed out fines to crypto companies, with the operations of many companies hit by a global slump in the value of digital currencies.
Samret Wajanasathian, an executive from local operator, Bitkub, was fined 8.5 million baht ($231,670.75) this week for insider trading. Samret has said he would appeal the decision.
Last month, Thailand’s fourth largest lender by assets, SCBX Pcl, scrapped a $500 million acquisition of Bitkub over regulatory concerns.
Rival operator, Asia-focused Zipmex, was fined 1.92 million baht on Wednesday for suspending withdrawals in late July.
The startup said in a Facebook post that it was “closely assessing the terms of the penalty with our legal counsel.”
($1 = 36.6900 baht)
(Reporting by Chayut Setboonsarng; Editing by Ed Davies)