India regulator reveals crypto advertising guidelines to 'safeguard consumer interests'

The Advertising Stands Council of India laid out twelve rules for cryptocurrency-related advertisements, according to a release Wednesday. The new rules come as marketing initiatives for digital asset-related products have been "very aggressive" over the past few months, the advertising watchdog noted. For example, crypto exchange FTX gave out bitcoin to winners of the Super Bowl contest. The ASCI said it consulted with both the government and the crypto industry to frame guidelines for advertising in the space. According to the guidelines, all advertisements for "virtual digital asset" ("VDA) products and exchanges must carry the following disclaimer: "Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions." Furthermore, the words “currency”, “securities”, “custodian” and “depositories” cannot be used in advertisements of VDA products or services as consumers associate these terms with regulated products, the ASCI explained. The guidelines will be applicable