According to a recent press release, the Advertising Standards Council of India (ASCI) issued the recommendations after significant consultation with stakeholders, including the government. The standards would apply to all virtual digital asset-related commercials released on or after April 1, according to the notice.
The ASCI had highlighted that VDA advertising, which it also referred to as crypto or NFT products, had been particularly active in recent months. Many advertisements have failed to appropriately describe the risks involved with cryptocurrencies, according to the notice.
The first guideline is the most important on the list, and it explains how all advertisements will have to include a disclaimer. All commercials promoting VDA products and exchanges, as well as ads showcasing VDAs, must have the following disclaimer, according to the release:
“Crypto goods and non-fiduciary tokens are unregulated and can be extremely dangerous.”
There could be no regulatory remedy for any losses incurred as a result of these transactions.” Nothing in the advertisement, according to the advertising authority, should minimize the dangers connected with the volatile asset class.
The announcement goes on to say that the disclaimer should be “prominent” and “unmissable” to the ordinary customer, even going so far as to define the space and text size for printed ads, as well as the duration, timing, and voiceover speed for commercials.
The ad council does, however, allow for a shorter disclaimer if it is followed by a link to the full disclaimer, which should also be made in the advertisement’s dominant language.
There must also be no assertions in the marketing that promise assured future returns. VDAs cannot be compared to other regulated asset classes in promotional activities, hence they cannot be referred to as ‘currency,”securities,’ ‘custodian,’ or ‘depositories.’
Despite the fact that ASCI emphasizes that the standards are not a formal recognition or endorsement of the sector, market participants are satisfied with the clarity provided by an authority. This clarity on marketing, according to Buyucoin CEO Shivam Thakral, will help crypto service companies to construct annualmedia.
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