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Top Cryptocurrency Exchanges Will Not Advertise During IPL

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Top Cryptocurrency Exchanges Will Not Advertise During IPL. Read Full Article.

The top crypto exchanges within India have voted not to promote for the Indian Premier League (IPL) this year, three sources familiar with the situation said.

In the previous year, CoinDCX, WazirX and CoinSwitch Kuber, and other companies collectively invested around 90 crores in TV ads to promote IPL, the IPL, and the cricket T-20 World Cup.

“All cryptocurrency exchanges opted not to advertise in the IPL,” Nischal Shetty, the chief executive officer of the crypto exchange WazirX said to ET times.

“As we are a sector, we’re working to ensure that we have strict guidelines for responsible advertising before we begin to use IPL advertisements again,” Shetty added.

Members decided that the Blockchain and Crypto Assets Council (BACC) has greater than two dozen cryptocurrency exchanges and crypto-related businesses to its membership, Shetty said.

BACC makes up the Internet and Mobile Association of India.

Crypto exchanges spent more than 40 crores on television ads in IPL 2021.

This advertising campaign in India’s biggest sports event and the Cricket World Cup resulted in volumes of these digital exchanges increasing by as much as four times and making cryptocurrencies such as Bitcoin and Ethereum popular for crypto-investors.

The advertisements did come in the eyes of government agencies and regulators.

At present, government agencies are developing the draft Bill for regulating cryptocurrency’s market.

“Yes but we’re in no way (advertising in the IPL in the current year),” said a chief executive from another cryptocurrency exchange, requesting not to be identified.

“The reason is that we’re in a position where regulations are in the works as the government is currently working on an Bill that will be passed, and we don’t want to create a massive noise.”

Top Cryptocurrency Exchanges Will Not Advertise During IPL

Top Cryptocurrency Exchanges Will Not Advertise During IPL

CoinSwitch Kuber and CoinDCX did not make any comments.

Star Sports, which currently has the broadcast and TV rights of the IPL, has not responded in an email.

According to executives in media buying, Disney Star Network is likely to hit the 5,000-crore mark in total ad revenue this year and 90% of inventory sold.

The IPL returns in India after a Covid-19 break. Two teams have been added are being formed, namely Gujarat Titans and Lucknow Super Giants.

“Given the current state of affairs the current situation, it could be best for cryptocurrency exchanges to remain unassuming in their advertisements on the IPL as IPL’s T20 competition has such a huge and high-profile appeal as well as reach,” said Sam Balsara, who is chairman of the Madison World, which is a multi-faceted advertising and media company. Madison World. “Besides, IPL has enough advertisers already.”

In the last month, the Advertising Standards Council of India (ASCI) is a self-regulatory body for the industry, released guidelines for promotion and advertising in the field of digital asset (VDA) and related services that include cryptocurrency as well as the non-fungible token (NFT) products.

ASCI stated that this would apply to all digital asset-related advertisements launched after April 1st of this year.

The trade body also pointed out that the advertisements released by players in the category do not sufficiently disclose the dangers of these products.

Following the guidelines, advertisements for VDA exchanges and products must be accompanied by a statement that “crypto products and NFTs are not regulated and could be extremely risky.

There is no regulation-based recourse for losses that results from these transactions.”

The disclaimer should be clear and easily readable by the average consumer.

Top Cryptocurrency Exchanges Will Not Advertise During IPL

Top Cryptocurrency Exchanges Will Not Advertise During IPL

A voiceover accompanied by the disclaimer text is at normal speed and not overly fast, following the guidelines.

In posts that are social media-related, a disclaimer must be in the caption and any image or video attachments.

This should be stated before the start of the description.

The guidelines also ban VDAs from using words such as “currency“, “securities“, “custodian“, and “depositories” in their advertisements.

Every advertisement that promotes VDA products should spell who the advertiser is and offer a way to reach them.

Advertising should not contain claims that promise or warrant the future growth of profits.

No advertisement should underplay the risks that come with the particular category.

Additionally, famous or well-known celebrities who appear in VDA ads must exercise special care to ensure they’ve conducted the necessary research regarding assertions made in the advertisements to avoid misleading consumers, as the guidelines state.

“Advertising of online assets or services should be accompanied by specific guidelines.

It is essential to educate consumers about the dangers and encourage them to be cautious,” ASCI chairman Subhash Kamath said at the time.


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