Securities and Exchange Board of India (SEBI) In his latest statement, he stated that celebrities should refrain from supporting crypto products.
According to sources close to the government, SEBI is making its crypto recommendations. Parliamentary Finance Standing CommitteeWhat he has presented. This includes SEBI’s handling of crypto ads and potential violations of disclosure legislation, although there are no specific guidelines in the industry yet.
On the other hand, the Ministry of Consumer Affairs is expected to publish updated crypto advertising guidelines soon.
What is Said in the Suggestion Package Presented to the Government?
It is reported that the following statements were included in the proposal package submitted to the government:
Since this (virtual digital assets) is a risky category, celebrities or prominent personalities appearing in such advertisements should take care to ensure that they exercise due care about statements and claims made in the advertisement so as not to mislead consumers.
What is the Government’s Attitude?
The Indian government recognized the virtual asset industry in February. However, this was only a step towards bringing these assets into the taxation framework in the country.
On the other hand, from 1 April, the Advertising Standards Council of India (ASCI) has implemented a set of 12 guidelines on the promotion of virtual digital assets (VDA). The self-regulatory industry body has mandated to issue disclaimers in crypto ads warning that products “can be unregulated and quite risky.”
In addition, it is stated that SEBI has proposed a restatement of the disclaimer. According to this
Celebrities, athletes, etc., given that crypto products are unregulated. Leading public figures or voices, including individuals, will not be used to endorse/advertise crypto products.