Advertising Standards Council of India issues guidelines for crypto, NFT advertisements

Use of celebrities and high decibel advertising would attract consumers to these offerings, without full disclosure of the risks.

The Advertising Standards Council of India (ASCI) has released guidelines for promotion and advertising of crypto and NFTs with a view to protect consumers from misleading and exploitative ads. The regulatory body has come up with the protocols after consulting with industry experts and the government.

ASCI has stated that ads for all virtual digital assets (VDAs) including exchanges and products should begin with the disclaimer: “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” All crypto and NFT-related ads in print, audio and video formats should carry the disclaimer starting from April 1, 2022. 

“We have seen a spate of advertising for virtual digital assets, which could compromise consumer interest in the absence of some guardrails. Use of celebrities and high decibel advertising would attract consumers to these offerings, without full disclosure of the risks. Given that this is, as of now, an unregulated space, it is even more important for advertising to be upfront regarding the risks associated with these products,”said Manisha Kapoor, secretary general of ASCI.

THE BELAMY

Sign up for your weekly dose of what's up in emerging technology.

The guidelines come right after this year’s budget which announced a 30 percent ‘crypto tax’ on all digital assets and a 1 percent TDS for each crypto-related transaction.

More Great AIM Stories

Poulomi Chatterjee
Poulomi is a Technology Journalist with Analytics India Magazine. Her fascination with tech and eagerness to dive into new areas led her to the dynamic world of AI and data analytics.

Our Upcoming Events

Conference, in-person (Bangalore)
Machine Learning Developers Summit (MLDS) 2023
19-20th Jan, 2023

Conference, in-person (Bangalore)
Rising 2023 | Women in Tech Conference
16-17th Mar, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
27-28th Apr, 2023

Conference, in-person (Bangalore)
MachineCon 2023
23rd Jun, 2023

Conference, in-person (Bangalore)
Cypher 2023
20-22nd Sep, 2023

3 Ways to Join our Community

Whatsapp group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our newsletter

Get the latest updates from AIM