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New ad guidelines ask crypto exchanges to steer clear of the word ‘currency’: Report

The government had taken issue with promises of wild profits made by crypto ads that will now have to carry disclaimers.

Indian crypto exchanges are mulling over a fresh set of dos and don'ts to regulate all forms of ads and communication, according to a report by the Economic Times. One of the don’ts require crypto exchanges to steer clear of the word 'currency' in their advertisements as consumers equate it with legal tender, the report added. The rules will not only apply to advertisements but will also cover sales, literature, television programmes, interviews, public speaking, presentations in seminars and workshops, or any other forum used by crypto companies to market their products. Some of the don’ts require companies to keep in mind the following: Crypto advertisements will desist from comparing crypto with other regulated assets; They will not claim that investing in crypto is so easy that they can do it without giving it a second thought; Exchanges will not resort to 'exaggerated or unwarranted claims’ or feature minors in their ads; Ads must carry a disclaimer stating that crypto products are unregulated and subject to market risk. The disclaimer will be displayed prominently in print ads; the voiceovers in electronic ads must unfold at a steady pace. Why this matters: Two Indian crypto exchanges (Coinswitch Kuber and Coin DCX) turned unicorn last year which fuelled a marketing blitzkrieg witnessed in 2021. It turned the heads of regulators who were worried about the impact of the misleading claims made in the ads. A meeting between Prime Minister Modi and crypto industry stakeholders resulted in a cessation of all ad campaigns…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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