What ASCI's new crypto guidelines mean

economictimes.indiatimes.com:

ASCI) released guidelines for crypto or virtual digital assets (VDAs) related advertisements on Wednesday, applicable from April 1. Earlier advertisements and promotions must not appear in the public domain unless they comply with the new guidelines after April 15, 2022. Pratik Gauri, Founder and CEO of 5ire, said that India does not have room for laissez-faire market notions. The government is aiming to protect hard-earned money with the updated ASCI regulations.

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«This is a rapidly growing sector with huge potential for continued growth, not only to end consumers who may use VDAs as investment vehicles but also within multiple industries, from the government to retail and beyond,» he added. 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. Welcoming the move, Vinu Peter Immanuel, Associate Partner, Link Legal, said that the proposed guidelines for advertisements on virtual digital assets is a step in the right direction. «Coming right after the Budget announcement on taxation of virtual digital assets, cryptocurrency investors would be happy that these are signs of a tacit recognition of decentralised cryptocurrency as a financial asset,» he added. Though, ASCI made it clear that guidelines do not amount to any legal recognition or endorsement of the industry or the sector as that is a matter of government policy. The ASCI said it held extensive