Advertising Standards Authority of Ireland (ASAI) is planning to introduce some necessary changes for crypto-related ads & promotions.
Amid the increasing adoption of the crypto and blockchain industry, competition among the new & old crypto companies and projects is increasing rapidly. To promote crypto services, companies are taking support of all possible advertisement ideas in public areas, outside the online world to bring a huge audience to their platforms.
Irish Independent published a report on the new re-examine plan of the Advertising Standards Authority of Ireland (ASAI) on the unfair types of crypto advertisement, which includes advertisement of crypto assets significantly.
According to the report, the ASAI agency started to take action against crypto-related advertisements because recently their attention was dragged by the promotion and advertisement of the meme coin, Floki in. Reportedly some complaints were submitted to the ASAI regarding such advertisements, which were promoted without any mentioned risks associated with them.
One of the officials of the ASAI agency stated that such steps are needed because of the increasing adoption of Cryptocurrencies and also to bring awareness about the risks associated with it, among citizens.
“The ASAI is considering reviewing whether additional rules and/or guidance are required in light of the emerging trend of cryptocurrency business advertisements. (…) The ASAI is aware of concerns about consumer knowledge of cryptocurrencies. As well as the general rules on truthfulness, honesty, and substantiation, the ASAI code contains rules related to financial advertising.”
However, not much is known, as per the report, what action will be taken by the agency but they may introduce some new provisions and guidelines for crypto companies like mentioning risks associated with investment or use of service.
In February of this year, a complaint was filed against Floki Inu coin advertisement. In favor of the complaint, ASAI took action and as a result, its advertisement of Floki was removed.
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