Highlights

  • SEBI reportedly asks for ban via letter to Parliament Standing Comm on Finance
  • SEBI also demands disclosures to be placed by companies

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SEBI cracks down on crypto, find out what the market regulator is saying

Advertising Standards Council of India (ASCI) recommended a set of guidelines for advertising crypto and crypto products.

In a bid to protect retail investors from the volatile crypto markets, the Securities & Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The market regulator also wants companies putting up ads for crypto to display disclosure talking about the possible violation of laws.

Also read/watch| Why Elon Musk tweeted a poop emoji to CEO Parag Agrawal

As per a report in Business Line SEBI communicated its view to the Parliamentary Standing Committee on Finance as it's opinion was sought on the matter.

The move from SEBI comes months after key exchanges had already roped in frontline celebrities to push the digital tokens. In October last year, the crypto exchanges came out with a series of ad campaigns with celebrities to lure users. CoinSwitch Kuber brought Bollywood star on Ranveer Singh as its brand ambassador, CoinDCX roped in Ayushmann Khurrana for a similar role.

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India is not alone is tightening 'investment' regulation around crypto. Last year UK's Financial Conduct Authority (FCA) singled out Kim Kardashian for promoting an untested cryptocurrency on Instagram and pushing speculative trade in the same.

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