In response to increased government monitoring of the cryptocurrency industry, the Securities and Exchange Commission (SEC) has announced new guidelines for advertising by cryptocurrency businesses.
The new regulations, according to the SEC, provide for advertising clearly stating investment risks and offering a fair assessment of prospective risk and returns. Regulatory authorities must also be given information on advertising terms. Operators had 30 days to comply with the new regulations and were required to provide the SEC with information about ads and spending, including the employment of influencers and bloggers, along with terms and time frames.
Thai cryptocurrency businesses actively promote their products on social media, and billboards are promoting the sector throughout Bangkok. The regulator has recently levied fines against cryptocurrency businesses as well, many of which have been impacted by the global decline in the value of digital currencies.
Around 8,227 mobile internet users over the age of 18 from Thailand, Malaysia, Vietnam, Singapore, Indonesia, the Philippines, Bangladesh, and Pakistan participated in the “Digital Lives Decoded” study. The study looked at how mobile devices affect consumer lifestyles and showed how users are empowered by mobile connectivity. The report predicts that due to the heightened interest in digital use that followed the epidemic, cellphone usage in Thailand may rise dramatically in the next years.
Since the start of the pandemic, mobile data usage has more than doubled in most Asian countries, changing how people communicate at work and at home. The agency also stated that despite the loosening of rules governing travel and social interaction, consumers will continue to be fully immersed in the digital world.
Internet users in Thailand have been warned by the authorities to watch out for online scammers who steal their money and online identities. The action is a part of a public awareness campaign against technology crimes that target young internet gamers, according to Royal Thai Police (RTP). Several con artists who took millions of baht from teenage gamers have reportedly recently been apprehended, according to the RTP. But many more still prey on inexperienced players, harming the victims and their families.
The RTP requested parents to frequently monitor their children’s online gaming activities and to promptly notify authorities of any suspicious interaction between their children and others to safeguard personal identification and prevent any financial harm.
The Bank of Thailand (BOT) and the Ministry of Finance have now announced an additional relief package for debtors due to the continued high level of household debt. The action is presented as an online debt relief expo. The COVID-19 issue led to an increase in household debt. As the economic recovery takes shape gradually, the central bank anticipates the level of household debt to decline going forward. Income growth is anticipated because economic activity has almost fully recovered to pre-recession levels.
To provide ongoing, accurate, and prompt assistance for those who are in debt, the debts solution expo will be launched as another debtor assistance programme. Debtors who are having problems paying their creditors will have debt relief negotiations started during the first round. Programmes fostering financial literacy and discipline will be implemented by the finance ministry, the BOT, and the Government Financial Institutions Association in the second phase.
Credit card loans, personal loans, auto loans, and loans from nano financing are among the debts that can be renegotiated. They also consist of all forms of loans made by specialist financial institutions, as well as the debt owed to creditors such as asset management companies.
