Advertising
Thailand SEC to apply strict guidelines for crypto ads
Cryptocurrency-related adverts in Thailand will have to meet strict rules as the Securities and Exchange Commission looks to emulate foreign standards.
Thailand’s Securities and Exchange Commission (SEC) will implement stringent advertising rules for cryptocurrency firms operating in the country by October 2022.
The Thai SEC informed cryptocurrency-related businesses operating in the country via email that adverts concerning digital currencies must have clear investment warnings to consumers on Sep. 1. The statement was later posted on the SEC website.
The Securities regulator has instituted the new standards for cryptocurrency-related adverts in response to a number of marketing campaigns that have neglected to include investment risk warnings.
The new standards will require adverts to not feature false, misleading or exaggerated claims and include investment risks warnings. The correspondence from the SEC also calls for balanced advertising, which would entail including potential positive and negative factors relating to the products or services being promoted.
Firms will have to limit advertising directly promoting cryptocurrency to ‘official channels’ like their own websites and will be required to hand over details of adverts and spending, including the use of social media influencers and bloggers and their terms, to the SEC.
Related: Strict Thai crypto regulation causes SCB to delay Bitkub acquisition
Prominent cryptocurrency exchanges like Bitkub and Zipmex have adverts on large street billboards and in public transport hubs, promoting their mobile applications and services to prospective users in the country. Advertising of services is still permitted in public spaces according to the SEC’s directive.
Companies have been given a month to comply with the new requirements as the SEC continues to establish frameworks that are positioned to protect retail investors in the country. This would include updating or amending existing adverts across print, online and real-world platforms.
The SEC further noted that the move was in line with regulatory standards set in other countries like the United Kingdom, Singapore and Spain, which had previously instituted stricter guidelines for cryptocurrency-related advertising.
August 2022 was a busy month for the Thai SEC as it granted licenses to four new cryptocurrency-related businesses to operate. The regulator also put Bitkub under the microscope, fining the firm's chief technology officer Samret Wajanasathian for alleged insider trading of its KUB token ahead of a lucrative investment deal with Thailand's Siam Commercial Bank.
Crypto Ads in Thailand Must Feature Clear Investment Warnings, New Regulations Require
Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims.
Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand
Thailand’s Securities and Exchange Commission […]South African rugby icon Siya Kolisi headlines new crypto advertising campaign
The Springbok captain features in a new advertising campaign promoting a long-term attitude towards cryptocurrency investing in South Africa.
National rugby captain Siya Kolisi will spearhead a two-year educational cryptocurrency advertising campaign in South Africa.
The Springbok skipper has partnered with global cryptocurrency exchange Luno in the campaign's rollout, which will feature a series of television adverts promoting a long-term investment attitude towards cryptocurrencies.
Kolisi was front and center of the first advert of the new campaign, which was aired during the Springboks’ third match of the Rugby Championship against Australia on Aug. 27.
The light-hearted commercial features the brawny flank being put through his paces by a personal trainer while drawing parallels between his long-term game plan for his rugby career and financial planning.
A statement from the Springbok captain highlighted the appeal of Luno’s efforts to make cryptocurrency investing accessible to new users that are unfamiliar with the space:
“Like many South Africans, I am new to crypto investment, so I had to do some research before deciding to partner with Luno. I love that Luno focuses on providing education for new crypto investors like me so we can make better, long-term financial decisions.”
Marius Reitz, Luno’s general manager for Africa, highlighted the current downturn across cryptocurrencies markets as a prime example for investors to zoom out and focus on long-term investing in the space:
“When you zoom out, the ups and downs do not change the fundamental potential of crypto to improve the world's financial system, which is what its long-term value is based on. The long game in crypto means holding, rather than trading.”
Reitz added that investors can better handle short-term price changes by considering the long-term outlook, given the space is still in its infancy.
Luno, a known cryptocurrency exchange and trading platform in South Africa, previously worked with Rassie Erasmus, Springbok's rugby director, in another advertising campaign that taught users how to ‘tackle’ Bitcoin (BTC).
The firm also announced a lucrative and potential industry-first sponsorship of the African Sunshine Tour golf’s Order of Merit in May 202. The top three golfers on the standings at the end of the season will receive significant prize money paid out in BTC.
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