Gone are the days of dreaming about crypto, now it will be difficult for celebrities to do misleading advertisements

A new rule has been issued regarding the advertisements of Cryptocurrency

The new rules of ASCI have been issued and it will be necessary for the company to show and speak the disclaimer in every advertisement. The disclaimer must state that the crypto product is highly risky and unregulated.

-Gagan Rao Patil

You will have some role model in your life. Most of the people consider celebrities like actors, players as their heroes. People are eager to buy the products they advertise by taking crores of rupees. Whether the products are right or wrong. But now it’s time for you to recover. crypto ,CryptocurrencyBut the latest case is saying the same thing. So now coming straight to the news. The whole point is that your heroes on cryptocurrencies will no longer be able to make their dreams come true. Now you know the whole thing. Actually, The Advertising Standards Council of India (ASCI) has stressed that celebrities should take care when endorsing crypto products or virtual digital assets. They should take special care that the claims made in such advertisements are not misleading.

Recently, the Stock Exchange Board of India (SEBI) has recommended that any prominent public figure, be it artist or sportsperson, should not promote crypto products. The thing is that the Finance Ministry had asked SEBI to give its views on the issue of advertisements for crypto products, as well as sent them the guidelines issued by ASCI.

instructions for celebrities

According to a news, ASCI has asked celebrities to pay attention to such claims. At the same time, if the claim made in the advertisement is found to be false, then there is a provision of penalty in the Consumer Protection Act because virtual digital asset is risky. People can be ruined. Therefore, one should avoid misleading celebrities. Here, already the intention of the government on crypto is clear. The government wants people to avoid investing in crypto.

ASCI has already issued its own rules regarding advertisements for cryptocurrencies. Any company that advertises crypto assets must clearly state the risks involved. It should also be mentioned that the product of crypto asset is without any regulation. This means that if the investor is cheated, then the entire responsibility will be of the investor. In fact, in the recent budget, the government had announced a higher tax on digital assets and on this basis considered it equivalent to a lottery. Now the government wants that those who offer digital assets should also pass on the same thing to those who invest further money. With this, customers will be aware of the different risks associated with crypto.

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The new rules of ASCI have been issued and it will be necessary for the company to show and speak the disclaimer in every advertisement. The disclaimer must state that the crypto product is highly risky and unregulated. These guidelines have been issued at a time when the number of advertisements related to crypto or NFT is increasing continuously.