Storyboard18 | ASCI frames guidelines for crypto, NFT related advertising

cnbctv18.com:

Advertising industry regulator The Advertising Standards Council of India (ASCI) on Wednesday announced a set of guidelines for Virtual digital assets, commonly referred to as crypto or NFT products.Noting that the advertising for these products has been aggressive over the past few months, ASCI said these guidelines are aimed to ensure that ads do not mislead or exploit consumers’ lack of expertise on these products.The guidelines will be applicable to all advertisements released or published on or after 1 April 2022. Advertisers and media owners must also ensure that all earlier advertisements must not appear in the public domain unless they comply with the guidelines, post the 15 April 2022.According to the guidelines, all crypto products and NFTs related ads will have to carry a disclaimer that will clearly state that these products are unregulated and can be highly risky.

There may be no regulatory recourse for any loss from such transactions.ASCI has released 12 guidelines that are meant to be followed in such a manner that it is prominent and unmissable by an average consumer with specific requirements for print, television, and digital platforms. The regulator has highlighted how voice-over, text, and disclaimers should appear in ads across media platforms.The words “currency”, “securities”, “custodian” and “depositories” may not be used in advertisements of VDA products or services as consumers associate these terms with regulated products.Advertisements that provide information on the cost or profitability of VDA products shall contain clear, accurate, sufficient, and updated information.