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Why did India’s Ad Council find over 400 crypto ads non-compliant?

India’s self-regulatory body for advertisements found over 400 cryptocurrency ads non-compliant with its guidelines, specifically pointing at influencers

What’s happening? The Advertising Standards Council of India (ASCI) stated that more than 400 advertisements on cryptocurrencies featuring social media influencers, on different platforms had violated their guidelines so far in 2022, the Economic Times reported. In the past five months, ASCI took up 453 complaints where 419 required modifications as they were found to be in violation of one or more crypto or influencer criteria. Notably, a majority of the complaints were against influencers. What did ASCI say? Manisha Kapoor, chief executive of ASCI, said to ET, “Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it's fine and a cool thing.” Why does it matter? Amid a rising market in 2021, crypto currency companies flooded audio-video streaming platforms and social media networks with advertisements and branded promotions…

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