UK – Money Times to tighten rules to prevent false cryptocurrency ads

UK - Money Times to tighten rules to prevent false cryptocurrency ads
ASA and CAP are responsible for keeping an eye on companies and their practices in the field of marketing and advertising to ensure the safety of these companies’ customers (Image: Twitter / CAP UK)

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.).

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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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