The digital minister of Thailand raised a voice against Meta’s social media platform Facebook to crack-down on ponzi Crypto advertisements.
Thailand is a big hub for the crypto & blockchain sector. Under the jurisdiction of Thailand, cryptocurrencies are strictly prohibited to use as payment but people are free to trade & invest in cryptocurrencies but investors are required to pay a 15% tax against the profit gain. In short, crypto laws are friendly for the crypto sector in Thailand.
On 21 Aug 2023, The Ministry of Digital Economy and Society (MDES), Chaiwut Thanakamanusorn, said that 200,000 people reported that they fell into fake Facebook ads.
The majority of these fake & scam ads were related to investing in fake businesses and faked government agencies such as the Securities and Exchange Commission.
The popular fake Facebook ads included investment & short-term high-gain platforms, Including crypto investment. Some ads promised to give 30% return per day and grabbed trust by showing celeb pictures. According to the digital minister, last month Facebook ran nearly 5,300 fake ads.
In response to these scam activities, the digital minister said that he will seek the court to ban Facebook services until they stop promoting ponzi & scam ads.
The majority of the people across social media supported this initiative by Thailand’s minister and said that there is a need for huge changes across Meta’s services because it lowering the reputation of the crypto sector badly.
Earlier in July of this year, Thailand’s securities regulatory body SEC issued a similar kind of circular against cryptocurrencies.
Thai stated that cryptocurrencies are highly volatile & subject to the loss of capital Investment and also clearly mentioned that no one company was allowed to take deposits from the customer to invest in another project for small or big amounts of interest. In short, the Thai SEC ordered all the crypto staking & lending platforms to shut down their business.
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