India Releases Advertising Guidelines for Cryptocurrency

The Indian advertising industry continues to work on a framework for Virtual Digital Asset (VDA), commonly referred to as crypto and non-fungible tokens (NFTs). For the past few months, advertising for these products has been very aggressive.

Recently, the Indian advertising industry introduced VDA guidelines. This comes amid growing risks associated with VDA. The industry believes that these risks are often not adequately disclosed to retail investors.

Advertising Standards Council of India (ASCI) said:

All VDA products and services should carry the following disclaimer. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

The guidelines will apply to all advertisements published on or after April 1, 2022. In addition, advertisers and media owners need to comply with the guidelines before April 15, 2022.

In the other news, the country is launching its first fully curated NFT marketplace named ‘Jupiter Meta’ and is going live on February 23. The marketplace will focus on music, film, and gaming creating singular experiences for users to maximize their time in the metaverse.

Jupiter Meta co-founder Sathyan Rajan and Chakradhar Reddy Kommera have goals to develop the growing Web 3.0 space. Notably, the marketplace is supported by its own level-1 Rubix blockchain tech with zero gas fees.

Additionally, the firm plans to kick off the country’s first-of-its-kind digital wall art celebrating the essence of Chennai, labeled ‘Icons of Singara Chennai.’ This is a collection of digital art pieces. These items will be sold as NFTs in the Jupiter Meta marketplace for people who want to own them.