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ELP Update
‘Virtual Digital Assets', as colloquially referred, constitute a new asset class which are technologically facilitated and premised on cryptography. They are effectively digital representations of exchangeable value.
As relatively new, unregulated, and volatile assets, there is a need to safeguard investor interest and ensure that advertisements do not mislead or exploit consumers' lack of expertise in such new asset class.
With this intention, the Advertising Standards Council of India has released ‘guidelines for the advertising of virtual digital assets and linked services' on February 23, 2022, after consulting industry stakeholders and the central government.
Following are the key guidelines:
All advertisements for VDA products and/or exchanges, or advertisements featuring VDAs must prominently carry the disclaimer ‘Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.' The guidelines specify the various forms in which the declaration is to be made for different mediums, including print, static, video, audio and online media.
The words ‘currency', ‘securities', ‘custodian and ‘depositories' are not to be used in advertisements of VDA products or services.
Information on past performance of the VDAs cannot be provided in any partial or biased manner, and returns for periods of less than 12 months cannot be included.
Name and contact details of the advertiser are to be clearly given to enable easy contact.
Minors are not to feature in VDA advertisements.
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