Navigating New Waters: ASCI’s Guidelines for Crypto Advertising in India

The Arrival of Guidelines

On a fine Wednesday, the Advertising Standards Council of India (ASCI) unveiled a fresh set of 12 guidelines aimed at the promotion of virtual digital assets (VDAs), including everyone’s cryptocurrency favorites. You might think regulations are dull, but in the volatile crypto realm, they can certainly make things interesting—like a rollercoaster with an upward trend!

Why Now?

ASCI’s decision comes after extensive consultations with stakeholders from the crypto ecosystem. It highlights a unique moment in India’s regulatory landscape—an evolution toward a legal framework for digital assets, especially as the government’s crypto bill is still more elusive than that honest bank teller in a heist movie.

When Can We Expect Change?

Mark your calendars for April 1, because just when you thought tax season was the worst, the 30% tax on crypto also kicks in on that day. Spoiler alert: it’s not an April Fool’s joke.

Key Takeaways from the Guidelines

• Transparency is Key: Starting from April 22, every crypto ad will feature a disclaimer stating that VDAs are unregulated and can carry high risks. This disclaimer must be accessible in all dominant languages. Multilingual? More like multi-warning!
• No Comparisons Allowed: Ads are prohibited from likening crypto assets to regulated assets. It’s like comparing apples to… well, apples in a virtual orchard.
• Mind Your Terminology: Ads must avoid using terms like “currency,” “securities,” “custodian,” and “depositories” when describing their products. It seems “Please don’t call it what it isn’t” is a real lesson learned here.
• No Quick Fixes: Ads should not suggest that crypto products can magically solve money problems. Sorry, crypto, no magic wands allowed!
• Keep Profitability Real: If profitability is mentioned, it must be accompanied by accurate and transparent information. Let’s distribute clarity like it’s the last slice of pizza at a party.

Industry Voices

Ramalingam Subramanian from CoinDCX noted that these guidelines offer critical clarity for advertisers. “A welcome move,” indeed! Meanwhile, Siddharth Sogani from Crebaco expressed that the guidelines promote a better understanding, dispelling notions that cryptos are just “get rich quick schemes.” Who knew regulators could be the bearers of sound advice?

Final Thoughts

The advertising scene in crypto, particularly in India, has been a whirlwind of aggressive marketing, especially during the euphoric bull market. It’s a relief that the Delhi High Court prompted the government to act on this. With these guidelines in place, it seems the crypto community can finally catch its breath—without losing its shirt while doing so!