Advertisements by cryptocurrency exchanges are everywhere\u2014you will catch them while watching your favourite match or playing a game on your mobile phone, when browsing through social media posts and more. Some of these could be misleading for retail investors, considering that there is low awareness about these instruments, and few understand the associated risks.<\/p>\n
While the government has already come down heavily on \u201cmisleading ads\u201d, earlier this week, the Advertising Standards Council of India (ASCI), a self-regulatory body for the advertising industry, introduced a set of 12 guidelines for the advertisement and promotion of virtual digital assets (VDAs) such as cryptocurrencies and non-fungible assets (NFTs). Read more about the guidelines<\/a> here. The idea is to safeguard consumer interest, and to ensure that ads do not mislead or exploit consumers\u2019 lack of expertise on these products, ASCI said in press statement.\u00a0<\/p>\n
<\/p>\n Here is a quick recap of the Virtual Digital Assets and Services Advertising Guidelines.<\/p>\n Read the guideline document here https:\/\/t.co\/hLUduXR518<\/a>#cryptocurrency<\/a> #bitcoin<\/a> #crypto<\/a> #money<\/a> #blockchain<\/a> #ASCI<\/a> #Advertising<\/a> #Guidelines<\/a> #Ad<\/a> #VirtualDigitalAssets<\/a> pic.twitter.com\/f9cpP3DdmB<\/a><\/p>\n
Let\u2019s look at how deep is the Indian crypto ad market is and why it\u2019s the need of the hour to have guidelines that are followed strictly.<\/p>\n Cryptocurrency exchange Coinswitch Kuber, which has Bollywood actors like Ranveer Singh promoting the brand, has spent more than Rs 10 crore on Disney Hotstar, according to data shared by CREBACO, a crypto and blockchain industry research firm. In December 2021, Coinswitch Kuber recently announced that it has over 1 million users using the platform.<\/p>\n CoinDCX, another prominent crypto exchange in India, spent over Rs 40 crore on ads on Star Sports and had Bollywood stars, including Amitabh Bachchan and Ayushmann Khurrana, promoting the brand in 2021. According to CoinDCX, more than 1 crore people use its platform.\u00a0<\/p>\n According to a CNBC report in November, WazirX partnered with SonyLIV to co-sponsor UEFA Euro 2020 and the India-Sri Lanka cricket tournament.<\/p>\n In October 2021, Bitbns, another Indian cryptocurrency exchange, launched the \u2018Do Your Bit\u2019 campaign. It hosted a series of five quirky and fun-filled videos that featured celebrities, including Alok Nath, Anup Jalota, Biswapati Sarkar, Shivaji Satnam and Sreesanth.<\/p>\n
<\/p>\n Crypto bole toh CoinSwitch!
Most of the advertisements talk about the benefits of investing in cryptocurrencies and have no warnings for investors on the risks and volatility in these instruments. The ASCI guidelines mention the importance of having prominent disclaimers on crypto ads that are aired or printed through any platform.<\/p>\n Manisha Kapoor, Secretary-General, ASCI told Outlook Money that she is hopeful the industry will be responsible, and understand the spirit of the guidelines. \u201cWe are one of the first country who have released any kind of specific guidelines. It is (crypto\/NFT) an evolving subject\u2026 and a dynamic space. So exhaustive consultation with different stakeholders is critical,\u201d says Kapoor.<\/p>\n Crypto advertising is big at the global level and India may be no match to it. \u201cWorldwide, leading exchanges like FTX, Crypto.com, Etoro are very aggressive in advertising. The Indian advertising budget for crypto is nothing as compared to international standards when we look at exchanges like FTX Crypto.com, Kraken, etc.,\u201d says Sidharth Sogani, CEO, CREBACO.<\/p>\n
<\/p>\n Keh Diya na.. Bas Keh Diya.😎
\n\u2014 ASCI (@ascionline) February 25, 2022<\/a><\/p><\/blockquote>\nHow Deep Is The Market?<\/strong><\/h2>\n
\nIndia ke sabse bade crypto app par lag jaa na, chhote!
\nDownload @CoinSwitchKuber<\/a> & start your crypto journey with just Rs. 100. #KuchTohBadlega<\/a> #RanveerXCoinSwitch<\/a> pic.twitter.com\/UARczFV8Za<\/a><\/p>\n
\n\u2014 Ranveer Singh (@RanveerOfficial) October 8, 2021<\/a><\/p><\/blockquote>\n
\nWe\u2019re honoured to have @SrBachchan<\/a> Sir as CoinDCX\u2019s official Brand Ambassador.#CoinDCX<\/a> #BigB<\/a> #TryCrypto<\/a> pic.twitter.com\/bDDp600RCG<\/a><\/p>\n