"Rules for advertising and promotion of virtual digital assets and services," released by the Advertising Standards Council of India (ASCI) on Wednesday.
According to ASCI, the restrictions apply to all marketing for crypto assets, which are "often known as cryptocurrency or NFT [non-fungible token] items."
Subhash Kamath, Chairman of ASCI, explained:
Before drafting these rules, we held numerous discussions with the authorities, financial sector policymakers, and industry players.
Firstly, all crypto-related advertisements must include the following disclaimer: "Crypto goods and NFTs are uncontrolled and can be extremely dangerous." There could be no legal remedy for any losses incurred as a result of these dealings." According to India's adverts authorities, the standards describe how the warning should be made such that "it is visible and obvious by a typical customer."
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Secondly, the standards provide the following information:
Consumers identify the phrases 'currency, "securities,' 'custodian,' and 'depositories' with regulatory requirements; hence they may not be used in marketing for VDA products or services.
Furthermore, advertisements must not include a kid or anyone who looks to be a minor.
Adverts must not pretend to be a remedy to financial or other issues, nor must they guarantee a certain rise in earnings in the future. "Details on prior achievement shall not be supplied in any way that is incomplete or prejudiced." According to ASCI, returns for durations of less than 12 months will be excluded.
Last week, the United States Secret Service declared that it has "established a crypto enlightenment campaigns portal."
The Secret Service was founded in 1865 as a division inside the Treasury Department to combat rampant fraud. It is now part of the Department of Homeland Security. "We have a coordinated goal of security and economic investigations to secure the protection and reliability of our protectees, critical places, and occasions of great importance," the organization's site says.
The following are the specifics of the declaration:
The new website will offer awareness campaigns knowledge on virtual asset security and ensure it stays safe. The newest in the department's measures to fight unlawful usage of virtual assets.
"Our obligation to enforce crimes against the nation's financial systems includes both educating the audience on how virtual currencies operate and collaborating with them to recognise, apprehend, and hold accountable those partaking in crimes involving virtual currencies," said Jeremy Sheridan, assistant director of the Secret Service Office of Investigations.
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According to the statement, the Secret Service collaborates closely with the US Department of Treasury to probe and "fully address the financial incentive of cybercrime via asset forfeiture and other steps."
