Crypto Grouping to Issue Advt. Rules as Part of Self-regulation

India’s nascent crypto industry is in the middle of an advertising overhaul as concerns increase about a lack of customer protection measures protection measures form the volatile asset class in the absence of a clear regulatory framework.

Industry association, Block chain and Crypto Assets Council, part of the Internet and Mobile Association of the India (IAMAI), will introduce a set of guidelines for advertising bout crypto exchanges in the next weeks to 10 days, as part of its self-regulatory code framework, Navin Surya, advisory board member at BACC, told ET.

The advertising guidelines will apply to all member cryptocurrency platforms, including WazirX, CoinDCX, and CoinSwitch Kuber. The proposal is still in the works, but it will include a standardized disclaimer for OTT and television Advertisements and directives on the dos and don’ts on the subject matter of the ads.

“Whether it is around advertisement or maintaining the governance standards, all kinds of issues fall under customer protection. We are already trying to figure out how best to mitigate risk,” said Surya, who is also Chairman, Fintech Convergence Council. “We will also produce some of those things faster if there are people who feel it is critical and has to go first.” Nischal Shetty, the chief executive of WazirX said the disclaimer may include words such as “Volatility”.

The formal guidelines may also include the duration for which the disclaimer will be present. S-ET

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