India’s ASCI issues advertising guidelines for cryptocurrency platforms

After levying a 30% tax on cryptocurrency profits, Indian authorities are now tackling other issues surrounding the emerging industry.

Many Indian lawmakers recently voiced their concerns over false and misleading ads claiming to offer high returns. To counter this, the Indian advertising watchdog, the Advertising Stands Council of India (ASCI), has issued guidelines for digital asset-related advertisements in the country. The advertisement guidelines will be effective starting this financial year, ie, April 1, 2022.

In a press release issued today, ASCI noted that several advertisements do not “adequately disclose the risks” accompanied by the trading of crypto-related products. It noted:

“In order to safeguard consumer interest, and to ensure that ads do not mislead or exploit consumers’ lack of expertise on these products, ASCI has extensively consulted with different stakeholders including government and the virtual digital asset industry – to frame guidelines for virtual digital asset advertising.”

One of the most prominent guidelines requires crypto-related advertisements to hold a disclaimer warning of the risks associated with crypto assets and NFTs. it should be occupying at least 1/5th of the advertising space, and be included in print, in video, audio, or in social media forms of advertising.

The words “currency”, “securities”, “custodian” and “depositories” can not be used in crypto-related advertisements. In addition, advertisers are required to provide accurate information on the cost or profitability of digital asset products.

Cryptocurrency-related advertisements were one of the hot topics in India last year. Bollywood celebrities Amitabh Bachchan and Ranveer Singh were some of the celebrities to become brand ambassadors of Indian-based crypto exchanges, with many others promoting crypto-related products on social media platforms.

The post India’s ASCI issues advertising guidelines for cryptocurrency platforms appeared first on Our Bitcoin News.