Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-17 | Selina Mathew
The market regulator has recommended that famous public people be held liable for such endorsements, which might be illegal under the Consumer Protection Act or other laws.
SEBI has advised that no "prominent public personalities, including celebrities and athletes," should advocate crypto items. Companies that advertise cryptos and digital assets, according to the market regulator, should also post disclosures outlining probable legal infractions.
When members of India's Parliamentary Standing Committee on Finance posed concerns about several elements of cryptocurrency last month, SEBI explained its stand on the matter. As a result, the market regulator provided the Parliamentary Panel with a full written answer.
In February, the Advertising Standards Council of India (ASCI) released crypto advertising rules, and the Finance Ministry invited the SEBI to disclose its position on such advertisements.
"Given that crypto product is unregulated, notable public personalities like celebrities, athletes, etc. or their voice must not be used for endorsement/advertisement of crypto products," the SEBI allegedly responded.
The market regulator went on to say that important public personalities should be held accountable for making such endorsements, which might be illegal under the Consumer Protection Act or any other legislation.
All marketing must include a warning that states, "Crypto goods and NFTs are unregulated and can be exceedingly dangerous."
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