SEC Thailand has requested that cryptocurrency companies in Thailand include clear and obvious warnings about potential risks associated with crypto investments and virtual tokens.
SEC Guideline for Crypto Ads
Last week, the capital market regulator requested that companies refrain from using misleading or false information in their advertisements. The SEC was also asked for information about advertising terms. They should comply with the new rules within 30 days and any old ads that do not conform to them should be deleted.
The SEC stated that operators must provide details about ads and expenditures, including use of bloggers and influencers to the SEC. They also need to include terms and times.
New SEC crypto ad guidelines forbid false, misleading and exaggerated claims. They also require that ads clearly and easily visible warnings about potential risks be displayed. The SEC has asked crypto firms to limit their advertising to official platforms like their websites. They also ask that they present a balanced view by including both positive and negative aspects of digital assets.
Zipmex and Bitkub: We are taking action
The SEC fined Zipmex Thailand 1.92 Million baht (approx. $52,344) for abruptly suspending trading on its platform, without following the rules and stopping withdrawals or deposits.
The agency also fined the CTO of Thailand’s largest crypto trading platform $200,000 for insider trading. After learning that Siam Commercial Bank (SCBX), was negotiating a deal to take over the digital asset exchange, Samret Wajanasathian became the CTO and made large purchases in Bitkub’s native currency KUB.
SCBX said on Sunday that Bitkub’s planned takeover of Bitkub, worth $500 million, will not be proceeding due to these issues.
Stricter Ad Norms in Spain and the UK
In the wake of a wider market downturn, which saw $2 trillion of market capital evaporate in just six months, the SEC has taken a tough stance against crypto advertising. Thailand is just one of a growing number of countries that has made its crypto advertising policy stricter.
In January, the Spanish National Securities Market Commission introduced new guidelines for crypto advertising. According to the guidelines, crypto companies should ensure that their advertising contains truthful, clear, and not misleading content and warn of potential risks.
Two ads featuring Arsenal’s fan token $AFC were banned by the UK advertising regulator early this month. They failed to “illustrate crypto investment risks” and trivialized “serious financial decisions that could be costly.”
CryptoPotato’s first article, Thai SEC tightens crypto ad regulations amid broad market downturn, appeared first on CryptoPotato.
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