Fun

Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products

News Feed - 2022-05-17 01:05:48

Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products


The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products. SEBI’s Crypto Advertising and Endorsement Proposal


The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations.


SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about various crypto issues, sources told the publication. The regulator subsequently submitted a detailed written response to the committee.


The Indian Ministry of Finance also asked SEBI to give its view on the crypto advertising guidelines published in February by the Advertising Standards Council of India (ASCI).


SEBI reportedly wrote: Given that crypto products are unregulated, prominent public figures including celebrities, sportsmen, etc. or their voice shall not be used for endorsement/advertisement of crypto products.


Furthermore, the securities regulator proposed that public figures be held liable for endorsing crypto products, which could violate certain laws, including the Consumer Protection Act.


In addition, SEBI suggested adding the following statement to the ASCI disclaimer: “Dealings in crypto products may lead to prosecution for possible violation of Indian laws such as FEMA, BUDS Act, PMLA, etc.”


ASCI’s crypto guidelines, which went into effect on April 1, state: “Since this is a risky category, celebrities or prominent personalities who appear in such advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers.”


Meanwhile, the Indian government is working on the country’s crypto policy. Finance ministry officials have met with the International Monetary Fund (IMF) and the World Bank to discuss crypto regulation. India’s finance minister recently said that the decision on crypto regulation will not be rushed. Crypto income is currently taxed at 30% in India. Tags in this story Bitcoin, Celebrities, Crypto, crypto advertisement, Cryptocurrency, Cryptocurrency regulation, public figures Sportsmen, sebi, SEBI crypto


What do you think about SEBI’s view on prohibiting public figures from endorsing crypto products? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, 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 between economics and cryptography. Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions REGULATION | 6 hours ago UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions Next articlePortugal to Tax Cryptocurrency Income According to Minister of Finance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

News Feed

NFT Sales Volume Slips 8% Lower Than Last Week — Moonbirds, Electricsheep, Moonbirds Oddities Lead in Sales
NFT Sales Volume Slips 8% Lower Than Last Week — Moonbirds, Electricsheep, Moonbirds Oddities Lead in Sales During the last few weeks, non-fungible token (NFT) sales have remaine
Why are top Bitcoin traders bullish despite BTC price dip to $64.3K?
Marcel Pechman6 hours agoWhy are top Bitcoin traders bullish despite BTC price dip to $64.3K?Bitcoin whales and miners remain cautiously optimistic, strengthening the bullish case for $64,300 support.6595 Total views235
Fox News Report Highlights Bitcoin Cash Proponent’s Modern Day Scavenger Hunt
Fox News Report Highlights Bitcoin Cash Proponent"s Modern Day Scavenger Hunt The anonymous Bitcoin Cash proponent called, ‘Bitcoin Man,’ has made th
Jesse Coghlan8 hours agoScammers create Blockworks clone site to drain crypto walletsPhishing scammers have been spreading fake news of a $37-million Uniswap exploit using a convincing fake Blockworks website.2196 Total
‘10:1’ odds against US Bitcoin strategic reserve by 2028: BlockTower Capital
Ciaran Lyons6 hours ago‘10:1’ odds against US Bitcoin strategic reserve by 2028: BlockTower CapitalBlockTower Capital CIO Ari Paul is prepared to “lay 10:1” against the possibility of the US creating a Bitcoin st
Turner Wright2 hours agoNo impact from Ripple ruling? SEC chair cites risks from crypto in budget requestGary Gensler cited the “Wild West of the crypto markets” that was “rife with noncompliance” in requesting m
Bitcoin ransomware Akira drains $42M from more than 250 companies: FBI
Arijit Sarkar1 hour agoBitcoin ransomware Akira drains $42M from more than 250 companies: FBIThe U.S. FBI found that the Akira ransomware group has been targeting businesses and critical infrastructure entities in North
Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend
Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend Ethereum rallied to a fresh three-week high to start Saturday’s session, however gains eased as
US President-Elect Biden to Nominate MIT Blockchain Professor Gary Gensler as SEC Chairman
US President-Elect Biden to Nominate MIT Blockchain Professor Gary Gensler as SEC Chairman The U.S. President-elect Joe Biden is set to name Gary Gensler as the
Ledger hardware wallet expands crypto buying options with Uphold’s Topper
Helen Partz9 hours agoLedger hardware wallet expands crypto buying options with Uphold’s TopperTopper’s on-ramp entrance to Ledger Live comes at a time when Ledger supports only one off-ramp solution.4333 Total views
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off?
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off? Armchair theorists love postulating the reasons behind bitcoin’s latest price rise or sell-off. Fro
De-Mixing Wasabi Coinjoin Transactions: A Deep Dive Into Chainalysis’ Deanonymizing Claims
De-Mixing Wasabi Coinjoin Transactions: A Deep Dive Into Chainalysis" Deanonymizing Claims On Tuesday, journalist Laura Shin published a story that claims to identify the 2016 Gene