Home
News
Recently the advertising regulatory authority issued new guidance for crypto ads dated 2nd may meet the new guidelines.
The Advertising Standards Authority of the UK, ASA, has recently implemented some changes in regulations and guidelines regarding crypto advertisements. Now ASA has issued a notice to more than 50 companies that provide cryptocurrency advertising services. The notice quotes advise the firms to review their ads and make sure they comply and go according to the new guidance.
Advertising regulator authority stated that the list in which 50 firms included has also previously been subject to rulings of an Advertising standards authority. Those companies include Coinbase, Luno, eToro, Crypto.com, etc. In a recent notice, ASA noted that the notice is a red alert priority issued for them. They have recently banned numerous crypto ads for misleading customers and being socially irresponsible.
The recent guidelines required advertisers to state clearly that crypto is not regulated in the United Kingdom, and the value of investments can go down as they are variable. On top of that, those ads must not mention or put any implication that decisions for investment are easy, simple, or anyhow suitable for anyone. Also, they must not imply some type of sense of urgency to buy or not create fear of mission out an opportunity or that investments possess low risks.
Crypto advertising services companies must ensure their ads meet the new guidance by May 2nd. After the date mentioned, non-compliant advertisers would be reported to the Financial Conduct Authority, the authorized financial watchdog. In January this year, FCA also announced plans to tighten and make crypto advertising strict after the authority was given additional powers to regulate the industry by the government.
When asked for any comment on recent advertising guidance from Coinbase, Luno, eToro, and Crypto.com, no reply or answer were disclosed by the firms as of now.
ALSO READ: Green accord: Are claims on Qtum being environment-friendly true?
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
