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- Thai SEC toughen the crypto advertising rules in the country.
- It gave 30-days deadline to the country’s crypto firms to follow new guidelines and remove inappropriate ads.
Thailand’s Security and Exchange Commision (SEC) asked the country’s crypto firms to mention clear and visible warnings about the risks that are associated with the virtual tokens and crypto investments.
Crypto Guideline by Thai SEC
In the previous week, the regulator released an email statement in which it asked the country’s crypto firms to not include misleading advertising in its platform. It also mentioned that all crypto firms need to provide the information on advertising terms to the SEC.
Additionally, the updated rules must be compiled within the 30 days and the old ads that do not obey the rules, need to be removed. The regulator added that the “Operators must give details of ads and spending including the use of influencers and bloggers to the SEC including terms and time frame.”
In the latest crypto ad guideline by Thai’s SEC, it prohibits false, misleading, and exaggerating claims. Whereas, it asked for clear and easy visible warnings about the risks. Also, the firms can only show limited ads to its official platforms, such as its websites that represent a balanced picture including both the positive and negative aspects of the digital assets.
The SEC fined 1.92 Million Baht that is approximately $52,344 to Zipmex Thailand, on Wednesday. The reason is that the platform suddenly suspended trading on its platform without following the norms and stopped deposits and withdrawals as well.
In addition, the regulator also fined $200,000 to Samret Wajanasathian, for insider trading earlier this week. He is the Chief Technology Officer (CTO) of the largest crypto firm of Thailand, Bitkub.
As he made the purchase of Bitkub’s native coin KUB, in between September and November 2021, when he find-out Siam Commercial Bank (SCBX) was negotiating the takeover deal of Bitkub. Over these issues, SCBX announced on Sunday that it would not take over the $500 million plan of Bitkub.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
