Indian celebrities warned of responsibility for advertising crypto projects – Bits Media

Securities and Exchange Commission of India (SEBI) against the backdrop of growing fraud in the crypto industry, he called on legislators to prohibit media persons from promoting products, who may break the law.

SEBI recommends to showbiz stars and athletes, public and politicians to refrain from supporting projects, related to the digital asset industry. Индийский регулятор объясняет, that cryptocurrency products on the local market are not regulated, and some may even violate existing laws:

"Considering, that crypto products are not regulated, prominent public figures, including celebrities, athletes and so on, or their voice should not be used to endorse/advertise crypto products".

SEBI Recommends Parliamentary Finance Committee to Penalize Cryptocurrency Advertising, banned by the Advertising Standards Council of India (ASCI). SEBI warns media personalities of responsibility for promoting cryptocurrency projects, которые нарушают законы о защите прав потребителей, on the management of foreign exchange transactions (FEMA), on the prohibition of unregulated deposit schemes (BUDSA) and on the prevention of money laundering (PMLA).

In accordance with the law on the protection of consumer rights from 2019 of the year, misleading persons may be fined up to 10 lakhs ($12 840) to 50 lakhs ($64 210). This will result in a ban from participating in any advertising campaign for three years.. SEBI предложил перефразировать заявление об отказе от ответственности, предписанное ASCI, adding, that “transactions in cryptocurrencies may result in prosecution for possible violation of Indian laws, such as FEMA, BUDSA, PMLA».

At the end 2021 year was confirmed, that the legislation on regulation of cryptocurrencies in India does not prohibit the advertising of cryptocurrencies and does not contain restrictions on the promotion of cryptocurrency products by celebrities.