Some influencers speak about NFT & crypto without understanding it. The advertising standards council of India receives 453 complaints about crypto ads. The majority of complaints involve influencers, but the council says 419 ads need modifications.
The standards body is focused on raising awareness with crypto exchanges. Some of these influencer ads do not even talk about risks. Standards body will continue to make sure they had correct disclosures and disclaimers. There are two sets of guidelines for most crypto ads in India.
One concern is the promotion and advertisement of crypto currencies, crypto exchanges, and NFTs. The second set of guidelines entered into force in june last year. The sebi proposed a ban on celebrities and sportsmen from advertising and backing crypto products and services.
The watchdog suggested that public figures should be held liable for any legal violations when promoting crypto products.