No advertising from top cryptocurrency exchanges during the TATA Indian Premier League 2022
There are more than two dozen cryptocurrency exchanges and crypto-related businesses that are members of the Blockchain and Crypto-Assets Council (BACC). An Indian Internet and Mobile Association, BACC is a member of the Indian Internet and Mobile Association.
Top cryptocurrency exchanges in India have collectively decided to not advertise during the Indian Premier League (IPL) this year, three people familiar with the development said.
CoinDCX, WazirX, and Coin Switch Kuber, among others, spent over Rs 90 crore on IPL and T-20 World Cup TV advertising last year.
In a tweet to ET, WazirX CEO Nischal Shetty said, “All the crypto exchanges have decided not to advertise in the IPL.
As a whole, the industry wants to make sure it has strict guidelines for responsible advertising before getting back into IPL ads, he said.
Blockchain and Crypto Assets Council (BACC), which includes more than two dozen crypto exchanges and companies involved in the cryptocurrency industry, came to the decision, according to Shetty. An Indian Internet and Mobile Association, BACC is a member of the Indian Internet and Mobile Association.
As of this year, the Indian Premier League had spent Rs 40 crore on advertising for crypto exchanges.
Coins like Bitcoin and Ethereum became household names among crypto investors after this advertising blitz in India’s most lucrative sporting event as well as the World Cup of Cricket.
There is no advertising in this year’s Indian Premier League, a top executive of another crypto exchange, who requested anonymity, said. It’s because the government is currently working on a bill, and we don’t want to make a big fuss about it at this time.
Not a word from Coin Switch Kuber or CoinDCX
Since Star Sports did not respond to a message seeking comment on their IPL coverage, this report cannot be confirmed.
Disney Star Network’s ad revenues are expected to top Rs 5,000 crore this year, according to media buying executives, with 90% of inventory already sold. There are two new teams – Gujarat Titans and Lucknow Super Giants – in the IPL’s return to India after a two-year Covid-19 hiatus.
According to Sam Balsara, chairman of diversified media and advertising group Madison World, “Given the current situation, it may be better for crypto exchanges to stay low-profile in their advertising on the IPL because the T20 tournament has such huge and high-profile appeal and reach.” Furthermore, IPL already has a sufficient number of commercial partners.
One of India’s most prestigious self-regulatory bodies for the advertising and promotion of virtual digital assets (VDAs) recently released a set of guidelines for the promotion of cryptographic assets and non-fungible tokens (NFT).
Virtual digital asset-related ads released after April 1 of this year will be subject to ASCI’s new rule.
Other ads released by category players do not adequately disclose the risks associated with these products, according to an industry body.
A warning that “crypto products and NFTs are unregulated and can be highly risky” must be included in all advertising for VDA products and exchanges, according to the rules. In the event of a financial loss, there may be no legal recourse. ”
According to the guidelines, the disclaimer must be prominent and easy to miss by the average consumer, and it should be accompanied by a voiceover that speaks at a normal speaking pace and does not rush.
According to the guidelines, a voiceover should accompany the disclaimer in text and the disclaimer should be prominent and unmissable to an average consumer.
This disclaimer must appear at the top of every social media post, in the caption as well as any accompanying images or videos.
Using the terms “currency,” “security,” or “custodian” or “depositories” in VDA advertising is also against the guidelines.
The advertiser’s name and a way to contact them must be included in every advertisement for VDA products.
Nothing in the ads should downplay the risks associated with the category or make promises or guarantees about future increases in profits.
Celebrities and other prominent figures who appear in VDA advertisements must take special care to ensure that they have done their due diligence in order to avoid misleading consumers, according to the guidelines.
Virtual digital assets and services advertising necessitates specialized guidance. ASCI chairman Subhash Kamath said at the time, “There is a need to make consumers aware of the risks and ask them to proceed with caution.”