“We will wait for the government to frame the guidelines and we will comply and act accordingly,” this person added. The advertising spend for the sector is not as much as before,” a person aware of the matter told ET.
“While the new advertisements are basic ones, that inform about the exchange or there are marketing campaigns targeted at existing investors. This led the exchanges to stay away from advertisements till there was regulatory clarity. The ad blitz may have heightened government and regulatory concerns over virtual currencies and the commercials that promote them, said industry trackers. Meanwhile, ET reported on Thursday that the Advertising Standards Council of India was in discussions with the government to include adequate disclosure of risk in the crypto ads to ensure that consumers don’t mistake these products to be legal tender.Įstimated to have collectively spent more than Rs 50 crore during the recently concluded ICC T20 World Cup, ET reported last month. The government, which has also raised concerns over lack of transparency in crypto ads, is working on legislation on the sector. The exchanges had suspended ads, after an advertising blitzkrieg in the past few months that were criticised for being puffery and misleading by many. In most cases, the advertisements are aired on social media and other digital platforms.
Some of the exchanges, including CoinDCX and CoinSwitch Kuber, have re-started advertising and marketing campaigns, albeit not as aggressively as earlier, industry insiders said. Cryptocurrency exchanges are turning to targeted advertising and marketing campaigns to soothe the nerves of investors who are exiting their investments amid regulatory uncertainty on the virtual currencies.
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