Following the SEC’s initiative to improve advertising regulations for digital asset business operators to ensure the production and dissemination of appropriate and responsible advertising content that provides investors with accurate information and appropriate risk warnings, while enabling the business operators to adopt practical operations in line with the nature of the digital asset businesses, a public hearing on the matter was held in January 2025, at which the majority of respondents agreed with the principles and draft notifications as proposed.

The SEC therefore issued notifications* amending the said regulations with the following key revisions:

      (1) Adjusting the size of warning text to be appropriate and consistent with the characteristics and formats of the advertising in practice of the business operators, while still being able to create sufficient awareness among investors;

      (2) Revoking the requirement to display warning messages throughout the advertising period, as the current principle-based advertising regulations are already sufficient and appropriate and are consistent with the securities advertising requirements; 

      (3) Modifying the warning messages into a single format, adopting the strongest warnings that cover both cryptocurrency and digital token products, which is in line with the way the business operators issue the warning messages in current practice;

     (4) Revising online advertising through social media practices according to the principles for improvements/revocations stated in (1) to (3) above.
At the same time, the SEC also revised the detailed guidelines regarding the provision of introducing broker agents for digital token services, advertising, and sales promotion of digital asset business operators to ensure that the operators can practically meet the objectives of the regulations and conduct responsible advertising and sales promotion.

The revised regulations are published in the Royal Gazette and come into effect on 16 April 2025.

Notes:
* Two related regulations are as follows:

1. Notification of the Office of the Securities and Exchange Commission No. Sor Thor 10/2568 Re: Criteria in Details on Advertising and Sales Promotion of Digital Asset Business Operators (No. 2) (https://publish.sec.or.th/nrs/10672s.pdf)

2. Notification of Guidelines No. Nor Por 2/2568 Re: Guidelines in Details on the Provision of Introducing Broker Agents for Digital Token Services, Advertising, and Sales Promotion of Digital Asset Business Operators ((https://publish.sec.or.th/nrs/10673s.pdf) and Annex (https://publish.sec.or.th/nrs/10674s.pdf)