Thailand warns domestic cryptocurrency advertising
Thai crypto service providers must now warn about the risks of advertising and ban false or exaggerated information about the company.
The regulatory framework governing cryptocurrency advertising in the country of the Golden Temple went into effect yesterday (September 1), according to an official announcement from the Securities and Exchange Commission of Thailand (SEC).
Accordingly, the country has banned the publication of false or exaggerated information about crypto companies, such as inflating the number of users and requiring the addition of a risk warning about crypto investments in the country. advertisements.
The Thai SEC has revised its current regulation after emphasizing that many current advertisements are underestimating the risk warnings related to cryptocurrencies and that many organizations simply paint "pink information" in front of the eyes of public investors.
The new rule applies to all crypto ads aimed at reaching local users. Existing advertisements must be revised within 30 days of publication of the notice.
Cryptocurrency investment and trading in the land of the Golden Temple have grown tremendously over the past few years. Because of that, many of the country's regulatory agencies have begun to intervene extensively in the industry, but have not yet clearly expressed their stance.
Back in February, Thailand postponed its plan to levy a 15% crypto transaction tax due to intense criticism from the community. A month ago, the Thai SEC issued a ban on the use of crypto as a means of payment, but still considered it an investment channel. In May, the government again approved a value-added tax (VAT) exemption for cryptocurrency transfers through exchanges.