The Advertising Stands Council of India (ASCI) released a set of 12 guidelines for promotions and advertisement of virtual digital assets (VDA), including cryptocurrencies, on Wednesday.
The chief advertising watchdog has developed the new guideline after extensive consultation with the stakeholders of the crypto ecosystem as well as the government, ASCI said. The advertising guidelines also mark the first legal framework related to the digital asset market in the country at a time when the government is yet to finalize the crypto bill.
- All crypto advertisements post-April 22 must add a disclaimer to explain crypto and NFT products are unregulated and "can be highly risky." The disclaimer must be shown in all dominant languages.
- It is not allowed to compare a crypto asset to the regulated assets in the ad.
- Crypto ads must refrain from using "currency," "securities," "custodian," and "depositories" while referring to their products or services.
- Crypto advertisements shouldn't portray their products as a solution to money problems in any way or form.
- Crypto advertisements talking about profitability must contain clear, accurate, sufficient and updated information.