Crypto Industry Brainstorm for Ad Guidelines

No cryptocurrency advertisement would compare Cryptos with other regulated assets, claim that ‘understanding cryptos products is so easy that consumers don’t have to think twice about investing, ‘or feature cryptos as a solution to any ‘money problem.’ The ads would refrain from making ‘exaggerated or unwarranted claims,’ and add a disclaimer which could read as, “Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice before investing,” according to an initial list of dos and don’ts prepared by India cryptocurrency exchanges and intermediaries this months, two sources told ET. Also, the word ‘currency’ may not be used in advertisements of crypto products or exchanges, with legal tender.

Caught between a market selloff and uncertain destiny, the local cryptocurrency industry is trying to escape the stigma that has divided policy makers and put off the Reserve Bank of India. The ad blitz by crypto trading platforms during 2020 and a good part of 2021 almost came to a half after exchanges decided to go slow till the rules of the game were in place. Those rules are now being discussed with the Advertising Standards Council of India (ASCI). S-ET

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