Crypto: Celebrities must do their homework before approving crypto, says Ad Body

Mumbai: Celebrities should be “identical” when appearing in cryptocurrency-related advertisements, as crypto is an unregulated product in India, according to the Advertising Standards Council of India (ASCI).

ASCI is a self-governing body, and its guidelines are not legally binding. In case of violation, the standards body has in the past disclosed the names of those who did not comply with the guidelines. This raises such cases to the relevant government regulator

“We have always maintained that celebrities have to work hard for their demands. The Consumer Protection Act also imposes penalties on supporters if the ad proves to be misleading, and if they do not work properly, “said Manisha Kapoor, CEO of ASCI.

“Since this (Virtual Digital Asset or VDA) is a risky category, celebrities or celebrities who appear in such advertisements must take special care to ensure that they are diligent about the statements and claims made in the advertisements. 6, ”Kapoor added.

The statement came after a newspaper reported that the Securities and Exchange Board of India (SEBI) had recommended to the Parliamentary Standing Committee on Finance that celebrities should not be allowed to approve VDAs.

SEBI and the parliamentary panel did not respond to ET’s question.

In February, ASCI issued guidelines for the promotion and advertising of crypto and non-fungible tokens. The guideline, which went into effect on April 1, mandates that all VDA products and services carry a waiver: “Crypto products and NFTs can be unregulated and extremely risky. There can be no regulatory way for any loss from such transactions. ”

Cryptocurrency platforms CoinDCX and Coinswitch Kuber hired Bollywood stars Ayushman Khurana and Ranbir Singh to advertise during the ICC World Cup last year.

Crypto ICC T20 World Cup time and Indian

About Rs 50 crore was spent on sports events by the league’s crypto platforms, ET reported on November 16.

Multiple crypto-selling platforms had to suspend large-scale television and print ads in November last year after criticism from government and industry stakeholders over the alleged misleading nature of the ads.

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