{"id":177,"date":"2022-02-25T10:38:29","date_gmt":"2022-02-25T10:38:29","guid":{"rendered":"https:\/\/chaintechsource.com\/news\/?p=177"},"modified":"2022-02-25T10:39:23","modified_gmt":"2022-02-25T10:39:23","slug":"new-asci-guidelines","status":"publish","type":"post","link":"https:\/\/chaintechsource.com\/news\/new-asci-guidelines\/","title":{"rendered":"New ASCI Guidelines"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"177\" class=\"elementor elementor-177\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1546085 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1546085\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-96fe1c3\" data-id=\"96fe1c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-78e1d9f elementor-widget elementor-widget-text-editor\" data-id=\"78e1d9f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.5.5 - 03-02-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">The Cryptoplatform has received a new set of rules from the Advertising Standards Council of India (ASCI) for advertising virtual digital assets on February 23. Late last year, the industry had faced criticism from the government and was slated for false advertisements across print medium, television, and social networks.<\/span><\/p><p><span style=\"font-weight: 400;\">There are shades that need to be addressed as the space is continuously growing. We will stay to work together with ASCI and other stakeholders to improve them further,&#8221; stated Ashish Singhal, Founder, and CEO, CoinSwitch.<\/span><\/p><p><span style=\"font-weight: 400;\">Formerly, self-regulatory body ASCI directed that all advertisements for virtual digital assets should carry a prominent disclaimer stating, &#8220;Crypto products and NFTs are tolerant and can be highly risky. There may be no regulatory alternative for any loss from such transactions.&#8221;<\/span><\/p><p><span style=\"font-weight: 400;\">The guidelines require the disclaimer to be openly spoken for video ads and forbid the usage of words like \u2018currency\u2019, \u2018securities\u2019, \u2018custodian\u2019, and \u2018depositories\u2019. The advertisements are stripped from showing minors dealing with virtual digital assets.<\/span><\/p><p><span style=\"font-weight: 400;\">Additionally, ads should not display virtual digital assets as a result of financial or personality problems, or other downsides and should not promise or guarantee an increase in profits in the future.<\/span><\/p><p><span style=\"font-weight: 400;\">We approve the ASCI Guidelines because we sincerely think that the goal of this segment is to foster innovation while protecting their interests. The whole idea is centered on the knowledge of teaching people about this growing asset class.<\/span><\/p><p><span style=\"font-weight: 400;\">As with any asset class investment, investors can place their confidence in institutions only after doing their due diligence,\u201d said Nischal Shetty, founder of Crypto exchange platform WazirX.<\/span><\/p><p><span style=\"font-weight: 400;\">Also, we expect additional regulatory transparency on the Indian Crypto landscape and will continue to stand by it, added Shetty.<\/span><\/p><p><span style=\"font-weight: 400;\">ASCI has stated that these guidelines will be useful from April 1, 2022, and after April 15, all the previous advertisements must be removed from the public domain.<\/span><\/p><p><span style=\"font-weight: 400;\">Meanwhile, the Cryptocurrency industry continues to face insecurity as the details of the coming Cryptocurrency Bill are still not identified and the government has planned a 30 percent penalty on gains from such virtual digital assets from the next financial year.<\/span><\/p><p><span style=\"font-weight: 400;\">These guidelines were relatively essential. If you do not recognize the threat and start trading, you will lose your money. These guidelines will carry the precise set of people who will benefit the system to grow and moreover, this will support in building the trust in the industry, which is assured to aid in the long run.<\/span><\/p><p><span style=\"font-weight: 400;\">Why they need to highlight the fact that virtual digital assets are free is there is no legal option available at the moment. So, anyone investing should be responsive that they are doing it factually at their own risk. These guidelines are trying to bring transparency to a legal place, or rather the lack of legal position, which already exists as of today,\u201d Suri said.<\/span><\/p><p><span style=\"font-weight: 400;\">The industry\u2019s opinion is also that the guidelines will not take in a major change in the present momentum as these perform and disclaimers were already being followed.<\/span><\/p><p><span style=\"font-weight: 400;\">Sathvik Vishwanath, CEO, and Co-founder at Unocoin said, &#8220;I don&#8217;t consider this will carry any main effect because these disclaimers are already used in our terms, conditions, advertisements, blog posts and have been exploiting this for a while. Now it will just become more constant\u201d.<\/span><\/p><p><span style=\"font-weight: 400;\">The guidelines can lack encouragement for a certain set of investors. Some were already aware of what these assets are. But those who were investing without enough knowledge may now be discouraged.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a4219b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a4219b\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77ab6bd\" data-id=\"77ab6bd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e126cdf contact-form-box elementor-widget elementor-widget-ha-cf7 happy-addon ha-cf7\" data-id=\"e126cdf\" data-element_type=\"widget\" data-widget_type=\"ha-cf7.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div role=\"form\" class=\"wpcf7\" id=\"wpcf7-f24-o1\" lang=\"en-US\" dir=\"ltr\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/news\/wp-json\/wp\/v2\/posts\/177#wpcf7-f24-o1\" method=\"post\" class=\"wpcf7-form init ha-cf7-form\" novalidate=\"novalidate\" data-status=\"init\">\n<div style=\"display: none;\">\n<input type=\"hidden\" name=\"_wpcf7\" value=\"24\" \/>\n<input type=\"hidden\" name=\"_wpcf7_version\" value=\"5.5.5\" \/>\n<input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/>\n<input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f24-o1\" \/>\n<input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/>\n<input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<\/div>\n<h4 class=\"contact-title\">Contact Us<\/h4>\n<p><label> Your name<br \/>\n    <span class=\"wpcf7-form-control-wrap your-name\"><input type=\"text\" name=\"your-name\" value=\"\" size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" \/><\/span> <\/label><\/p>\n<p><label> Your email<br \/>\n    <span class=\"wpcf7-form-control-wrap your-email\"><input type=\"email\" name=\"your-email\" value=\"\" size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-email wpcf7-validates-as-required wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" \/><\/span> <\/label><\/p>\n<p><label> Subject<br \/>\n    <span class=\"wpcf7-form-control-wrap your-subject\"><input type=\"text\" name=\"your-subject\" value=\"\" size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" \/><\/span> <\/label><\/p>\n<p><label> Your message (optional)<br \/>\n    <span class=\"wpcf7-form-control-wrap your-message\"><textarea name=\"your-message\" cols=\"40\" rows=\"3\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\"><\/textarea><\/span> <\/label><\/p>\n<p><input type=\"submit\" value=\"Submit\" class=\"wpcf7-form-control has-spinner wpcf7-submit\" \/><\/p>\n<div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div><\/form><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Cryptoplatform has received a new set of rules from the Advertising Standards Council of India (ASCI) for advertising virtual digital assets on February 23. Late last year, the industry had faced criticism from the government and was slated for false advertisements across print medium, television, and social networks. There are shades that need to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24],"tags":[25],"_links":{"self":[{"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/posts\/177"}],"collection":[{"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/comments?post=177"}],"version-history":[{"count":4,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/posts\/177\/revisions"}],"predecessor-version":[{"id":181,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/posts\/177\/revisions\/181"}],"wp:attachment":[{"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/media?parent=177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/categories?post=177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chaintechsource.com\/news\/wp-json\/wp\/v2\/tags?post=177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}