ASCI frames guidelines for advertising & promotion of crypto assets

economictimes.indiatimes.com:

ASCI) has issued a set of guidelines for the advertisement and promotion of virtual digital assets (VDAs). ASCI in its order observed that advertising for VDAs, commonly referred to as crypto or NFT products, has been very aggressive over the past few months and said that several advertisements have failed to disclose risk associated. «We have extensively consulted with different stakeholders including government and the virtual digital asset industry to frame guidelines for VDA advertising,» it said in a release on Wednesday.

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In its guidelines, ASCI has mandated for all advertisements of crypto products, exchanges or VDA to carry the following disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The disclaimer should be made 'prominent' and 'unmissable' by an average consumer, it added. ASCI has specifically clarified the space and font size in the case of printed ads and the duration, timing and voiceover speed in case of audio-visual commercials. That said, ASCI has given an option to shorten the disclaimer to companies, but only followed by a link to the full disclaimer. The disclaimer must be made in the dominant language of the advertisement, says ASCI notice. Focusing on the unregulated nature of VDAs, the council has also prohibited the use of words such as 'currency', 'securities', 'custodian' and 'depositories' in advertisements as consumers associate these terms with regulated ones, it said. The information contained in