UK Regulator Calls Foul On Arsenal FC Fan Token Ads

Britain UK Tax regulation Sport Advertising

22.12.2021 - 16:47

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cryptonews.com:

London-based football club Arsenal FC has drawn the ire of the UK advertising watchdog Advertising Standards Authority (ASA) for what the regulator calls “taking advantage of consumers’ inexperience in cryptoassets.”

The regulator banned Facebook and website posts in which the football side promoted fan tokens.

Last July, Arsenal FC unveiled its partnership with blockchain provider Chiliz to launch the fan token, AFC, on the Socios.com app, and published the posts the following month.

Per the ASA, Arsenal said that Fan Tokens were utility tokens utilised to "encourage fan participation" and were therefore "materially different to cryptocurrencies which were virtual currencies used as a means of payment." Furthermore, they claimed that the Fan

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