ACCORDING TO ASCI 92% OF CRYPTO PROMOTION VIOLATION WERE DONE BY INFLUENCERS: INDIA
"We have received 453 ads related to Virtual Digital Assets so far (January 2022 to May 2022). Of these, 447 are related to influencers. Of the 453 ads we reviewed, 419 needed correction, which had to be properly informed. appropriate for promoters, "said Manisa Kapoor, CEO of the advertising council, in an email to CoinDesk.
In India, box office film stars and international cricket players are regarded as celebrities, and those who broadcast on YouTube channels or reach more fans via Instagram are considered promoters.
ASCI said "many promotional ads have been a mixture of ASCI guidelines and crypto guidelines in advertising." Some of the ads are still modified to comply with the law but the overall compliance rate at this point is 77%.
More recently, major Indian film stars, including Amitabh Bachchan, Ranveer Singh and Salman Khan, have been linked to crypto trading through promotions or commercials during India's most prestigious events such as the Indian Premier League, cricket tournament. instant participant. the attention of the majority of the country for a few weeks each year.
Last year, Indian Prime Minister Narendra Modi led a government conference on crypto in which an agreement was reached to stop "attempts to mislead young people through extremely promising and transparent advertising," according to the report.
ASCI had earlier stated that it did not discuss changing its guidelines on crypto ads but clarified its position, as key participants, in the proposed ban on Indian celebrities authorizing crypto products from the Indian market regulator, the Securities and Exchange Board of India (SEBI). ).
In February, ASCI released its own guidelines for crypto or digital assets that went into effect in April. However, the ASCI influential guidelines came into effect in early June last year.
"If we inspect advertisements by promoters who violate the ASCI code and do not carry the required excuse clause or the paid partner's mark or violates the ASCI code, we will contact the promoter and notify them of the violation. -his email.
ASCI does not have the authority to prevent celebrities or promoters from appearing in advertisements, but its guidelines are considered the framework to protect consumer interests.
In cases where brands or promoters do not modify or withdraw advertisements that are deemed inappropriate, the ASCI will refer the matter to state regulators.
Additionally, in the event of a breach, the standards body publishes the names of those who did not follow the guidelines.