A Advertising Standards Authority (ASA), the UK advertising regulator, is intensifying its focus on crypto advertising and plans to provide guidance and avoid counterfeit advertising.
A spokesman for the authority told The Black that it “plans to implement effective monitoring and compulsory measures in crypto advertising, as well as receive more guidance in the coming weeks.”
“In addition to ongoing investigations into the promotion of social influence, we are also considering whether further action is needed. cryptocurrencies”, The spokesman said.
The news comes a month after ASA forced a crypto broker The moon a Change your ads on London bus and pipeline stations This encouraged users to buy Bitcoin (P.D.C.).
# Bitcoin#SpotLuno@BTCSTREETART Artforbitcoin1 un luno
Seven Sisters Underground Station, London pic.twitter.com/nXU2jRi1dv– Bitcoins London (it Bitcoins London) December 21, 2020
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First priority
Reported by repression Financial Times, Who mentioned Miles Lockwood, Director of complaints and investigations at the ASA, said the company had flagged crypto as a “red alert” priority.
“Cryptocurrency advertising is a top priority for us. We recognize the importance of the role we currently play in regulating advertising to ensure that consumers are not misled about the risks of these products and that they are not irresponsible in promoting them, ”an ASA spokesman said.
“Cryptocurrencies have exploded in recent days, but there is a real risk that more people will be attracted to investing their life savings and then losing them based on little understanding.”
However, the spokesman added that there was a “clear difference” between ads for legitimate investments in crypto and ads considered “fraudulent”.
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Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.