The Advertising Standards Council of India has issued a comprehensive guideline for advertisements of digital assets and crypto businesses, including exchanges and NFTs.
Indian Regulatory Body Issues Guidelines for Crypto and NFT Ads
“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” The ASCI is a self-regulatory body of the Indian advertising industry. The organization has made it clear that its guidelines shouldn’t be mistaken as “legal recognition or endorsement of the industry or the sector.”The ASCI noted that advertising of such assets “has been very aggressive over the past few months,” even as the Indian government is trying to come up with a legal framework for this sector. Many of these ads don’t “adequately” reveal the risks associated with these products.
Manisha Kapoor, Secretary-General, ASCI, said: “Globally, this is an emerging technology, and products in the virtual digital asset industry have seen significant volatility. We believe with these guidelines, advertisements would be fairer and more transparent.”Earlier, in the budget proposals tabled in parliament on February 1, the Indian governmentto levy a 1% tax deduction at source on all crypto transactions and a flat 30% on all such profits.
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