Thailand mandates warnings on crypto ads

Cryptocurrency advertisements in Thailand must indicate potential risks of investing in the nascent asset class, the nation’s Securities and Exchange Commission (SEC) said in a statement on Thursday.  

See related article: Singapore central bank warns against crypto marketing, promotion

Fast facts

• Crypto businesses in the Southeast Asian nation must report all details of advertisements and related spendings, including collaborations with influencers and bloggers, to the SEC, the regulator said.

• Currently, digital asset advertisements lack warnings on crypto’s high volatility and are limited to positive information which may mislead the general public, according to the SEC.

• The market watchdog said that cryptocurrency ads can only be displayed on official channels of businesses.

• Firms must comply with the new rules within a month, the SEC said.

• Zipmex was fined 1.92 million baht (US$52,287) by the SEC for violation of local digital assets laws by halting trading on its platform.

See related article: India’s crypto ads to get ‘highly risky’ banners starting April