wordpress blog stats
Connect with us

Hi, what are you looking for?

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…

Please subscribe/login to read the full story.
Written By

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.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ