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Crypto, Nft Ads must have ‘very risky’ disclaimer, says Asci


The Advertising Standards Council of India said on Wednesday that all advertisements for virtual digital assets (VDAs) and exchanges containing such products must carry a disclaimer stating that “cryptographic products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss resulting from such transactions. He mentioned that the disclaimer must be visible and inescapable by an average consumer.

The “Guidelines for Virtual Digital Assets and Related Services,” ASCI said, would apply to all advertisements broadcast or published on or after April 1, 2022. India’s advertising industry self-regulatory body has also warned celebrities and prominent figures who appear in VDA advertisements. He said VIPs should take extra care to ensure they have done their due diligence.

The guidelines stated that no advertisements could show that VDA products or VDA commerce could be a solution to money problems. ASCI also said that every ad for VDA products must clearly state the advertiser’s name and provide an easy way to contact them.

He said the guidelines require ads to be truthful and not mislead consumers by implication, ambiguity, exaggeration or omission. Advertisements also must not be designed in such a way as to abuse consumer trust or exploit their lack of knowledge.

The guidelines also prohibit the use of words such as “currency”, “securities”, “custodian” and “custodians” in advertisements for VDA products. Advertisements that provide cost/benefit information for VDA products must contain clear, accurate, sufficient, and up-to-date information, ASCI said.

No advertising for VDA products or exchanges may show a minor directly dealing with or talking about the product, per the standards. No advertisement should contain statements that promise or guarantee increased future profits.

The guidelines state that VDA products cannot be compared to any other regulated asset class and that no advertising should contain statements promising or guaranteeing increased future earnings.


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William

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