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 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.
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