The Advertising Standards Council of India (ASCI) is in talks with the Centre for a update of its guidelines on crypto ads.
After Several crypto adverts appeared on television in India, which raised concern among regulators such as the ASCI and Centre. The ASCI has been working with the Centre to review cryptocurrency advertising guidelines in India and ensure that these guidelines comply with their existing regulations.
The discussions are centered around various possible changes that need to be made in self-regulatory frameworks for digital content related to cryptocurrency.
As a coin-based ecosystem, India has been one of the top markets for cryptocurrencies and blockchain technologies. The market has seen a strong increase in its use of digital assets such as Bitcoin and Ethereum over the past few years, with some estimates predicting that it will soon be the third largest market for cryptocurrencies in the world.
The crypto media guidelines aim to protect consumers and investors from fraudulent ads by regulating digital advertising related to cryptocurrencies, ICOs, and any other disruptive technologies such as blockchain technology.
The Finance Minister Nirmala Sitharaman has announced that the government is currently studying the ASCI guidelines for misleading advertisements to look into any complaints about direct-to-consumer advertising.
Well….The ASCI has taken a cautious approach towards cryptocurrencies, as some of its members have been concerned about the lack of clarity in current regulations and rules around cryptocurrencies, especially when it comes to tax implications.
Also Read: Nandan Nilekani: Crypto May Help Financial Inclusion
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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