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Crypto group to self regulate! Advertising guidelines on the anvil

Cryptocurrency platforms look at standardised disclaimer for OTT and television advertisements and directives on the do’s and don'ts for advertising. 

With no sign of the cryptocurrency bill in the Monsoon session the crypto industry is moving to self regulate itself at least in the advertising space. These new guidelines will be applicable to crypto trading platforms such as WazirX, CoinDCX, and CoinSwitch Kuber.

As per reports Industry association, Blockchain and Crypto Assets Council, part of the Internet and Mobile Association of India (IAMAI), will introduce a set of guidelines for advertising about crypto exchanges as part of its self-regulatory code framework.

So what brought this on? A PIL was filed as Crypto industry came into the limelight as it took on the mantle of sponsorship of sporting events from Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. The PIL in Delhi High Court argued that these new ads don’t give enough warning to investors about the risks involved while investing in cryptocurrencies. According to them, the disclaimer text should cover 80% of the screen.

Read/Watch Also: Crypto races ahead in sponsorships

The top platforms already place disclaimers but no guideline has yet been imposed and the  Blockchain and Crypto Assets Council hopes that initiative will provide a 'one size fits all' regulation for the blockchain biggies. 

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