Crypto Advertising Guidelines:
The Advertising Standards Council of India (ASCI) on Wednesday issued fresh guidelines on cryptocurrencies and saying, the advertisers will have to prominently carry a disclaimer for crypto products and non-fungible tokens mentioning that these products are “unregulated and can be highly risky”
Notably, the announcement of the guidelines, done after consultations with industry stakeholders, government as well as financial regulators, comes as the advertising for the controversial products and services is on the upswing.
The ASCI said that such advertisements should mention that there may be no regulatory recourse for any loss from such transactions.
“Advertising of virtual digital assets and services needs specific guidance, considering that this is a new and as yet an emerging way of investing. Hence, there is a need to make consumers aware of the risks and ask them to proceed with caution,” ASCI chairman Subhash Kamath was quoted as saying by PTI.
All Virtual Digital Assets (VDAs), which are commonly referred to as crypto or Non-Fungible Tokens (NFTs), will have to put the disclaimer in a “prominent and unmissable” way in campaigns for products and services.
During the Budget 2022 presentation, Union Finance Minister Nirmala Sitharaman had proposed a tax on gains made from such transactions which has been welcomed by the crypto players as a move to legitimise the industry, while the RBI has been firm in calling for a complete ban on such activities saying they are a threat to financial stability.
Good job sir
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