ASCI Issues Guidelines For Crypto Advertisement and Promotions in India

Cryptocurrency Tax in India for Certain Transactions Likely To Be Exempted
  • Virtual digital asset (VDA) enterprises must comply with 12 rules.
  • The ASCI claims that aggressive advertising for these items has been going on.

A disclaimer on the risks of investing in digital assets in India will be required beginning on April 1. New rules issued by the country’s advertising authority for the business on Wednesday included this restriction.

On February 23, a press release from the Advertising Standards Council of India (ASCI) declared that the new guidelines would be immensely beneficial, even as India continues to work toward overall norms for digital assets and NFTs. The ASCI claims that aggressive advertising for these items has been going on over the last several months and that it has seen that most of these adverts do not reveal the hazards connected with the industry.

After talks with industry players and government officials, virtual digital asset (VDA) enterprises must comply with 12 rules put out by an independent monitor.

Not a Solution to Financial Concerns

The marketing of VDA companies must not contradict what authorities state and must clearly and adequately detail all the charges involved. VDA enterprises may not incorporate any information older than one year in their claims of income-generating success.

The ASCI additionally specified that digital asset marketing must explicitly indicate the name and contact information of the advisor and must not pose as a solution to financial concerns. The ads will also not feature minors in close contact with the product.

These rules come when authorities throughout the world are focusing on digital asset advertisements. According to recent news from Singapore’s central bank, no crypto advertisements are allowed in public venues such as public transportation, social media platforms, or third-party websites. Singapore’s Monetary Authority (MAS) also barred social media influencers from promoting linked items.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.