India proposes including disclaimers in cryptocurrency advertising

The Delhi High Court (India) urged the development of standardized disclaimers for cryptocurrency-related advertising on national television. The New Indian Express.

Court officials say that the Securities and Exchange Board of India (SEBI) and other agencies should formulate appropriate guidelines.

The matter will be considered in August after SEBI, the Ministry of Information and Broadcasting, and India’s bitcoin exchanges submit their comments.

The initiative arose after lawyers Ayush Shukla and Vikash Kumarka approached the Council to seek approval for the corresponding disclaimer. Their version occupied 80% of the screen, with the voiceover delivering the disclaimer content at a slow pace for five seconds.

The current practice is to display the text “Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to market risks” in small font. The disclaimer display lasts two seconds and is not accompanied by a voiceover.

The outlet notes that the emergence of guidelines could signal the Indian authorities’ abandonment of a direct ban on cryptocurrencies and adopting a more tempered approach to regulating the sector.

Earlier, the UK Advertising Standards Authority began considering the option to include a disclaimer in cryptocurrency-related advertising.

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