The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints the ad council received are directed at influencers. “Some influencers talk so confidently about crypto without fully understanding it.”
The Advertising Standards Council of India (ASCI) has reportedly revealed that it received 453 complaints relating to crypto ads between January and May.
The council added that out of all complaints, 419 cryptocurrency advertisements required modifications, the Economic Times reported Monday, noting that most complaints concern influencers.
Manisha Kapoor, CEO of ASCI, described:
Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it’s fine and a cool thing.
She explained that the council will continue to focus on adequate disclosures and risk disclaimers for payment-based promotions. The standards body is currently focusing on raising awareness with crypto exchanges.
“Some of these influencer ads don’t even talk about the risks, which is not right and against our guidelines. Technically, they are ads with no disclosures or disclaimers, which is mandatory,” Kapoor detailed, elaborating:
This is in violation of our guidelines. We will escalate it to the government in case of no compliance.