400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’ – Regulation Bitcoin News

The Advertising Standards Council of India (ASCI) has revealed that over 400 crypto ads have violated its guidelines so far this year. The majority of complaints received by the advertising board are directed at influencers. “Some influencers speak very confidently about crypto without fully understanding it.”

419 Infringing Ads – Most Complained Influencers Worry

The Advertising Standards Council of India (ASCI) has revealed that it received 453 complaints regarding crypto advertising between January and May.

The council added that of all the complaints, 419 cryptocurrency ads require amendment, the Economic Times reported on Monday, noting that most of the complaints involved influencers. .

Manisha Kapoor, CEO of ASCI, describes:

Some influencers speak very confidently about cryptocurrency without fully understanding it. It creates an impression that it’s safe, it’s good, and a great thing.

She explained that the panel will continue to focus on full disclosure and risk disclaimer for payment-based promotions. The standards body is currently focusing on raising awareness about cryptocurrency exchanges.

“Some of these influencer ads don’t even talk about risk, which is not true and against our guidelines. Technically, they are advertisements with no disclosure or disclaimer, which is required,” detailed Kapoor, explaining:

This violates our guidelines. We will report to the government in case of non-compliance.

There are two sets of guidelines that apply to most crypto advertising in India. A program that includes the promotion and advertising of cryptocurrencies, an exchange of cryptocurrencies and non-fungible tokens (NFTs). It was grant by ASCI in February and entered into force in April.

Another set of guidelines, which went into effect last June, governs the advertising and marketing practices of influencers.

Since ASCI is a self-regulatory organization and its guidelines are not legally binding in India, when there is a violation of the guidelines, it will publish the names of the violators and refer the case to the relevant government regulatory agencies.

In May, the Securities and Exchange Commission of India (SEBI) offer prohibits public figures, including celebrities and athletes, from advertising and endorsing cryptocurrency products and services. The securities watchdog also proposed that public figures be held accountable for any violations of the law when promoting crypto products.

What do you think about the number of crypto-related ads that violate advertising guidelines in India? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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