More Than 400 Crypto Ads Found Violating ASCI Guidelines
2022.06.30 19:56
More Than 400 Crypto Ads Found Violating ASCI Guidelines
- The ASCI said 419 out of the 453 complaints required changes, with most complaints directed at influencers.
- Violations included not carrying a required disclaimer or paid partnership tag on the ad.
- Social media influencers identified by the body as having highly promoted crypto products between January and May 2022.
More than 400 crypto-related advertisements violated advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising in the first five months of this year, the Advertising Standards Council of India (ASCI) said. The ad council received the most complaints about influencers. “Some influencers talk openly about crypto, despite their lack of understanding.”
According to the ASCI, 419 of the 453 complaints between January and May 2022 required modifications, with most complaints against influencers. The advertisement watchdog noted that influencers were generally in breach of its code for not carrying a required disclaimer or paid partnership tag on the ad.
Manisha Kapoor, the ASCI chief executive, said some influencers talk intelligently about crypto without truly comprehending it. As a result, they deceive the world into believing that investing in cryptocurrency is safe and acceptable.
Notably, Indian crypto ads are subject to two sets of guidelines. The first one is the promotion and marketing of cryptocurrencies, cryptocurrency exchanges, and non-fungible tokens (NFTs).
In February, the ASCI announced the new standard, which took effect in April. The second set of guidelines, which went into effect in June, governs influencer marketing and advertising. While the VDA guidelines came into effect in April this year, ASCI’s guidelines for influencer marketing took root in June last year.
During a bull market last year, crypto companies flooded Over The Top (OTT) and social media platforms with advertising and corporate sales. India has lately stressed the need for more stringent regulations around cryptocurrency.
ASCI is a self-regulatory organization (SRO) that covers all advertising except for election messages and public service announcements in India.
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