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

400+ Crypto Advertisements Violate Guidelines in India — "Some Influencers Talk About Crypto Without Understanding It"

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints the ad council received are directed at influencers. “Some influencers talk so confidently about crypto without fully understanding it.” 419 Ads in Violation — Most Complaints Concern Influencers

The Advertising Standards Council of India (ASCI) has reportedly revealed that it received 453 complaints relating to crypto ads between January and May.

The council added that out of all complaints, 419 cryptocurrency advertisements required modifications, the Economic Times reported Monday, noting that most complaints concern influencers.

Manisha Kapoor, CEO of ASCI, described: Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it’s fine and a cool thing.

She explained that the council will continue to focus on adequate disclosures and risk disclaimers for payment-based promotions. The standards body is currently focusing on raising awareness with crypto exchanges.

“Some of these influencer ads don’t even talk about the risks, which is not right and against our guidelines. Technically, they are ads with no disclosures or disclaimers, which is mandatory,” Kapoor detailed, elaborating: This is in violation of our guidelines. We will escalate it to the government in case of no compliance.

There are two sets of guidelines applicable to most crypto ads in India. One covers the promotion and advertisement of cryptocurrencies, crypto exchanges, and non-fungible tokens (NFTs). It was issued by the ASCI in February and went into effect in April.

The other set of guidelines, which entered into force in June last year, regulates the advertising and marketing activities of influencers.

Since the ASCI is a self-regulatory organization and its guidelines are not legally binding in India, when there is a breach of guidelines, it publishes the names of those in violation and escalates the case to relevant government regulators.

In May, the Securities and Exchange Board of India (SEBI) proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products and services. The securities watchdog also proposed that public figures be held liable for any legal violations when promoting crypto products. Tags in this story bitcoin ads india, crypto ads, crypto ads india, crypto advertisement, crypto advertisements india, crypto advertising

What do you think about the number of crypto-related ads in violation of advertising guidelines in India? 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. FBI Arrests 2 Men Planning "Violent" Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison REGULATION | 1 day ago SEC Chair Gensler Affirms Bitcoin Is a Commodity — "That"s the Only One I"m Going to Say" REGULATION | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More Next articleReport: 75% Have Heard About Crypto in Spain, According to the CNMV 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 ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"