The Advertising Standards Council of India (ASCI) on Wednesday issued strict guidelines for advertisements for crypto products and non-fungible tokens (NFTs). Under this, from April 1, the advertiser will have to give a disclaimer that this product is unregulated and may be riskier. At the same time, exaggerating something in the advertisement also cannot guarantee huge returns.
As per the guidelines of ASCI, the advertisement must also clearly state that no regulator can be relied upon for any loss arising out of such transactions. Advertisements for all Virtual Digital Properties (VDAs) must place the disclaimer in such a way that is visible to all. Advertisers and various media will have to ensure that old advertisements still running should not be aired or promoted after April 15. After April 15, only advertisements made under the new guidelines will be valid. ASCI has issued this guideline after consultation with all stakeholders, government, and financial regulators.
One-fifth of the total space in print and stationary ads will have a disclaimer
As per the guidelines, print or stationary advertisements should have a disclaimer within one-fifth of the total space. Whereas at the end of video ads, a full disclaimer with a plain background will have to be shown. Along with this, a voice-over will also have to be given at normal speed, which will give information about the entire disclaimer. The disclaimer must be five seconds in short ads and up to two minutes at both the beginning and end of longer ads. Such disclaimer should also be on verbal advertisements, social media posts.
Links must be provided in ads with word limits
Advertisements that have time limits, crypto products, and NFTs are unregulated and risky, followed by a link containing the disclaimer's detailed information.
don't use these words
Advertisers may not use terms such as currency, securities, custodians, and depositors in the promotion of VDA products. Because these words can give the impression of their regularity to the customers.
No information on returns for less than 12 months
The advertisement shall also prohibit partial or biased descriptions of the past performance of the product. Returns less than 12 months of the product will not be reported. Also, there will be no guarantee of increasing profits in the future. Apart from this, minors cannot be shown in advertisements.
Celebrities also have to be careful
Celebrities working in these advertisements also have to be very careful not to make any such promise in their publicity which will mislead the consumer.
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