• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, March 20, 2023
Bell County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

ASCI Frames Guidelines For Crypto, NFT-Related Advertising, Promotion – Business Standard

by NewsReporter
February 23, 2022
in Crytpocurrency
asci-frames-guidelines-for-crypto,-nft-related-advertising,-promotion-–-business-standard
Share on FacebookShare on Twitter

Guidelines applicable to all virtual digital asset-related ads including crypto currency and NFTs released on or after April 1, 2022

Topics

cryptocurrency | advertising | ASCI

BS Reporter  |  New Delhi  Last Updated at February 23, 2022 11:30 IST

“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” The Advertising Standards Council of India (ASCI) wants this disclaimer prominently displayed on ads and promotions related to virtual digital assets (VDAs) like cryptos or non-fungible tokens (NFT).

Noting that several advertisements for virtual digital assets do not adequately disclose the risks associated with them, ASCI has framed guidelines for such advertising. The guidelines will be applicable to all virtual digital asset-related ads released on or after April 1, 2022.

According to ASCI, all advertising for virtual digital assets and services needs to follow the following guidelines: All ads for VDA products and VDA exchanges, or featuring VDAs, must carry the disclaimer that crypto products and NFTs are unregulated and can be highly risky, and that there may be no regulatory recourse for any loss incurred from transactions involving them.

Such a disclaimer, says ASCI, must be made in the following manner so that it is prominent and unmissable by an average consumer:

(a) In print or static, equal to at least one-fifth of the advertising space at the bottom of the advertisement in an easy-to-read font, against a plain background, and to the maximum font size afforded by the space.

(b) In video, the disclaimer should be placed at the end of the advertisement against a plain background. A voiceover must accompany the disclaimer in text. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format video of over two minutes, the disclaimer should be repeated at the beginning and at the end of the video. The disclaimer must remain on screen for a minimum of five seconds.

(c) In audio, the disclaimer must be spoken at the end of the advertisement. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format audio of over 90 seconds, the disclaimer should be repeated at the beginning and at the end of the audio.

(d) In social media posts, such a disclaimer must be carried in both the caption as well as any picture or video attachments. The disclaimer within the caption must be placed upfront at the beginning of the post. Where social media posts or advertisements have restrictions on text in the static picture, the disclaimer must be carried upfront in the caption before the fold.

(e) In disappearing stories or posts unaccompanied by text, the disclaimer will need to be voiced at the end of the story in the manner laid out in points (a) or (b). If the video is 15 seconds or lesser, then the disclaimer may be carried in a prominent and visible manner as an overlay.

(f) In formats where there is a limit on characters, the following shortened disclaimer must be used: “Crypto products and NFTs are unregulated and risky”, followed by a link to the full disclaimer.

(g) The disclaimer must be made in the dominant language of the advertisement

(h) In addition to the above, all disclaimers must meet the minimum requirements laid down in the ASCI guidelines for disclaimers.

The guidelines also say that

* The words “currency”, “securities”, “custodian” and “depositories” may not be used in advertisements of VDA products or services as consumers associate these terms with regulated products.

* The information contained in advertisements shall not contradict the information or warnings that the regulated entities provide to customers in the marketing of VDA products from time to time.

* Advertisements that provide information on the cost or profitability of VDA products shall contain clear, accurate, sufficient and updated information. For example, “zero cost” will need to include all costs that the consumer might reasonably associate with the offer or transaction.

* Information on past performance shall not be provided in any partial or biased manner. Returns for periods of less than 12 months shall not be included.

* Every advertisement for VDA products must clearly give out the name of the advertiser and provide an easy way to contact them (phone number or email). This information should be presented in a manner that is easily understood by the average consumer.

* No advertisement for VDA products or exchanges may show a minor, or someone who appears to be a minor, directly dealing with the product, or talking about the product

* No advertisement may show that VDA products or VDA trading could be a solution to money problems, personality problems or other such drawbacks.

* No advertisement shall contain statements that promise or guarantee future increase in profits.

* No advertisement may show that understanding VDA products is so easy that consumers do not have to think twice about investing. Nothing in the ad should downplay the risks associated with the category.

* VDA products may not be compared to any other asset class, which is regulated.

* Since this is a risky category, celebrities or prominent personalities who appear in VDA advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers.

While the guidelines will be applicable to ads released or published on or after April 1, ASCI says that advertisers and media owners must ensure that all earlier advertisements must not appear in the public domain unless they comply with the guidelines, post April 15, 2022.

“We had several rounds of discussion with the government, finance sector regulators, and industry stakeholders before framing these guidelines,” said Subhash Kamath, chairman, ASCI. “Advertising of virtual digital assets and services needs specific guidance, considering that this is a new and as yet an emerging way of investing.”

ASCI says these guidelines do not amount to any legal recognition or endorsement of the industry or the sector since that is a matter of government policy, and that the council only provides self-regulation for content of ads that are permitted by law.

“We have seen a spate of advertising for virtual digital assets, which could compromise consumer interest in the absence of some guardrails. Use of celebrities and high decibel advertising would attract consumers to these offerings, without full disclosure of the risks,” Manisha Kapoor, secretary general, ASCI, said. “Given that this is, as of now, an unregulated space, it is even more important for advertising to be upfront regarding the risks associated with these products.”

mail Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Related Posts

us-says-north-korean-hackers-stole-over-$600-million-crypto-last-month-–-ndtv

US Says North Korean Hackers Stole Over $600-Million Crypto Last Month – NDTV

by NewsReporter
April 15, 2022
0

North Korea's cyber-program dates back to at least the mid-1990s.Washington: North Korean-tied hackers were responsible for a $620-million cryptocurrency heist last month targeting players of the popular Axie Infinity game, US authorities said Thursday.The hack was one of the biggest to hit the crypto world, raising huge questions about security...

crosstower-launches-perpetual-futures-trading-in-crypto-through-its-global-pro-platform-–-the-financial-express

CrossTower Launches Perpetual Futures Trading In Crypto Through Its Global Pro Platform – The Financial Express

by NewsReporter
April 14, 2022
0

Crypto exchange CrossTower on Thursday (April 14, 2022) announced the launch of perpetual futures trading. Crypto exchange CrossTower on Thursday (April 14, 2022) announced the launch of perpetual futures trading. This is now available on CrossTower’s Bermuda digital exchange, a statement from the company said. It further said that perpetual...

dallas-cowboys-strike-deal-with-blockchain.com-in-nfl’s-first-crypto-partnership-–-the-dallas-morning-news

Dallas Cowboys Strike Deal With Blockchain.com In NFL’s First Crypto Partnership – The Dallas Morning News

by NewsReporter
April 13, 2022
0

The Dallas Cowboys struck the NFL’s first deal Wednesday with a digital currency platform, signing Blockchain.com as the team’s “exclusive digital asset partner.”Blockchain.com co-founder and CEO Peter Smith joined Cowboys owner Jerry Jones at The Star in Frisco to announce the partnership. They did not address what Blockchain.com is paying...

cops-struggle-to-keep-up-with-‘staggering’-levels-of-crypto-seizures-–-insurance-journal

Cops Struggle To Keep Up With ‘Staggering’ Levels Of Crypto Seizures – Insurance Journal

by NewsReporter
April 13, 2022
0

One spring day in a village just west of London, residents saw a man being muscled into a car in front of a nearby house. He reappeared with cuts and bruises 13 hours later, but the cops had already discovered the house was a cannabis-growing operation. A separate search of...

Bell County News Online

© 2021 Bell County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Bell County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT