Crypto exchanges, while largely welcoming of the new guidelines, stress on regulators and other stakeholders understanding the nuances of the virtual digital assets space
Finfluencers like Neha Nagar insist on the ‘do your own research’ approach, the ASCI guidelines will further encourage investors to research and understand the risks associated with the crypto and NFT market
On February 23, the Advertising Standards Council of India (ASCI) announced a set of guidelines for advertising and promotion of virtual digital assets (VDA) and services. So far, a lot of these advertisements do not adequately disclose the risks associated with such products. These guidelines, according to ASCI, are to safeguard consumer interest, and to ensure that ads do not mislead or exploit consumers’ lack of expertise on these products.
“We studied the nature of ads the industry was putting out and the potential for consumers to be misled by certain kinds of claims and promises. In addition, we did extensive discussions with different stakeholder groups and experts, as well as looked at global guidelines,” says Manisha Kapoor, secretary-general, ASCI.