Cryptocurrency, Cryptocurrency Exchange, News, Regulation

The Irish Advertising Authority To Re-examine Its Recommendations On Cryptocurrency Advertisements

As the worldwide usage of cryptocurrencies grows exponentially, government organizations are making attempts to bring balance to what is often seen as an uncontrolled industry. To ensure that such actions continue, the Irish advertising authority has announced intentions to reassess the legislation governing the marketing of digital currencies in the coming months.

As stated by the Irish Independent, the ASAI (Advertising Standards Authority of Ireland) made the call in response to an increase in the number of advertisements promoting cryptocurrency businesses such as Floki and also queries about the unavailability of elaboration in those advertisements about the potential risks of cryptocurrency investments.

As noted by a spokesman for the regulatory body,

“In view of the rising popularity of crypto business marketing, the Advertising Standards Authority of India is investigating whether further guidelines and/or recommendations are necessary. The regulatory body is aware of public concerns about their understanding of digital currencies. There are standards specific to financial advertising given by ASAI code, of which honesty, truthfulness, and substantiation are part of it.”

Advertising is prohibited from exploiting customers’ ignorance under these guidelines, and marketers must emphasize that their products are uncertain and that they might go either down or up – in value. One or both of the following outcomes will occur when the agency finalises its evaluation. There will be an update to the industry recommendations in the ASAI code, or it will be modified.

Two months ago, the ASAI intervened in favor of a petition alleging that an advertisement marketing the crypto Floki Inu failed to provide a disclaimer concerning the coin’s fluctuating value, as required by law. As a consequence, the corporation was forced to pull the advertisement.

Advertisements For Cryptocurrency In Other Countries

Last November, the FLoki Inu advertisement became the subject of an inquiry by the Advertising Standards Authority (ASA) of the United Kingdom after placing ads on public transit was seen in London.

Meanwhile, the Advertising Standards Authority of the United Kingdom has adopted a more stringent stance against cryptocurrency advertisements than the ASAI. For example, the agency has asked over 50 cryptocurrency firms to check their promotions and conform to the guidelines. If they do not correct the “misleading advertisements” by the 2nd of May, they will be subject to severe punishment.

Meanwhile, Finbold reported at the beginning of 2022 that Spain was starting to formally restrict the advertisement of cryptos, with the laws set to take force in February. This development comes on the heels of the announcement that roughly 20,000 new BTC ATMs have been installed around the nation.

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