The Securities and Exchange Commission (SEC) has rolled out new rules on advertising for cryptocurrency companies as the industry comes under greater scrutiny from authorities.
The SEC said last week that the new rules include clearly showing investment risks in advertisements and providing a balanced view of potential risk and returns.
Information on advertising terms must also be provided to regulators.
The SEC said, “Operators must give details of ads and spending including the use of influencers and bloggers to the SEC including terms and time frame,” 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 be seen throughout Bangkok.
The regulator in recent days has also handed out fines to crypto companies, with many operations 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 (US$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 its planned acquisition of Bitkub over regulatory concerns.
Rival operator Asia-focused Zipmex was fined 1.92 million baht last Wednesday (31 Aug) for suspending withdrawals in late July. (NNT)
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