India’s top cryptocurrency exchanges have spent large sums on advertising with IPL 2021 and the upcoming T-20 world cup.
But this time, they have determined not to do marketing during the 2022 IPL. Blockchain and Crypto Assets Council (BACC) has taken this decision. BACC has over 24 crypto organizations as members.
Top crypto trading platforms like WazirX, CoinDCX, and CoinSwitch Kuber consolidated over Rs. 90 crore in IPL 2021 and T20 WC. This marketing strategy helped crypto exchanges get a good user base and enhance cryptocurrency investments. Later, the Indian government levied a tax of 30 percent on income from trading in cryptocurrencies. Furthermore, the budget 2022-23 also introduced 1 percent TDS on payments.
Last month, ASCI also disseminated policies for advertising and promoting virtual digital assets and services. Again, Crypto and non-fungible tokens (NFTs) come in this.
These policies will be applicable starting April 1. In addition, all ads will now disclose risks associated with such products. This disclosure must also be prominent with a voice-over at an average speaking pace. No ads can promise or guarantee a fixed or certain return on investment. No ads can promise or guarantee a future increase in profits. It should also note the risks associated with the category.