TL; DR Breakdown
- Irish regulator will look into crypto ads
- The regulator confirms investor outcry over ads
- ASAI will amend the rule in the coming days
Irish regulator, the Advertisement Standards Authority, has announced that it may soon begin to look into several advertisements by companies in the crypto sector. This move was taken due to several shouts from users and market participants to the Irish regulator. Asides from that, there has been a massive increase in advertisements for companies that are deeply rooted in the crypto sector. Also, it is safe to add that Ireland has not yet, at this period, drummed up a regulatory framework to guide crypto holding and trading across the country.
Irish regulator confirms misleading ads
According to the Irish regulator, companies promoting their services do not highlight the risks involved, the type of products and the services that traders would be enjoying. With these issues still a bottleneck, the regulator wants to review its previous regulation regarding advertisements in the crypto space in the country.
In a statement confirmed by an executive of the company, the Irish regulator is presently highlighting areas in its crypto ads guidelines where it will need an update. The regulator cited a specific increase in crypto companies that has been witnessed in light ads everywhere. The regulator is also aware of consumers’ level of knowledge concerning certain crypto products and services. It also talked about truthfulness and honesty concerning certain ads that have been on the air for a while.
The regulator wants to amend the crypto ads rule
The rules concerning consumers are the rules that protect users and low-level knowledge about the crypto sector from being exploited. The regulator wants the advertisers to spell out clearer risks of investing in certain crypto products. With these issues still causing problems, the body wants to amend the previous rule regarding crypto ads or drum up new rules that will be updated from time to time.
Australia’s new rule regarding crypto advertisements will see charges brought up against content creators and influencers should traders lose due to investing. Advertisement bodies have also said that regulators are looking for ways to stifle adverts regarding investing in digital assets. The revenue is also looking into some regions of tax evasion in the crypto aspect of the country. One of the few measures the body wants to establish is mandating brokers and exchanges to report a certain amount of crypto transactions. However, Ireland is still looking for ways to introduce and enforce crypto tax.