new Delhi. The Advertising Standards Council of India (ASCI) has issued guidelines for advertising of cryptocurrencies. Accordingly, with effect from 1st April 2022, advertisers will be given a disclaimer for crypto products and tokens (Cryptocurrency Ad Guidelines) in which it will be written that these products are unregulated and may carry high risk. In addition, such advertisements should also state that the regulator will not be responsible for any loss arising from such transactions.
All Virtual Digital Assets (VDAs) commonly referred to as crypto or non-fungible tokens (NFTs) is referred to as. Advertisements for all Virtual Digital Assets (VDAs) must clearly and clearly place the disclaimer in a way that is visible to all. Advertisers and various media will have to ensure that the old advertisements still running should not be aired or promoted after April 15. After April 15, only advertisements made under the new guidelines will be valid. ASCI has issued this guideline after consultation with all stakeholders, government and financial regulators.
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That’s why guidelines are necessary
ASCI President Subhash Kamath said, there is a need for guidance for advertising virtual digital assets and services, noting that it is a new and emerging mode of investment. Therefore consumers should be made aware of the risks and ask them to proceed with caution.
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5 key points of the guidelines
It will be necessary to give a disclaimer with all advertisements for digital assets issued from 1st April 2022. It has to be mentioned that crypto products or NFTs can be unregulated and very risky. No complaint can be made for the loss caused by the transaction related to it.
This disclaimer should occupy at least 20 percent of the advertising space in print or static medium. It will be at the end of the ad. Its font should be readable in plain background.
– The disclaimer in audio ads for crypto must be read at the end of the ad. The speed of the voiceover will not be high, that is, it will be normal so that people can easily understand by listening to it. Social media posts will also be included in the purview of this guideline.
Words like ‘currency’, ‘securities’, ‘custodian’ and ‘depositories’ will not be used in the advertisement. Generally, customers see these words being used with regulated products.
– Advertising of Virtual Digital Assets may not depict a minor as trading in crypto products. Its trading will also not be allowed to be shown as a solution to the money problem. Advertisement does not promise or guarantee future profits.
Tags: Cryptocurrency, Investment and return
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