In recent months, not only have cryptocurrency products been controversial, but so have their advertisements. One country that is watching these developments with concern is the UK.
Now, however, another country’s watchdog has also been keeping an eye on cryptocurrency advertisements.
Draw Ireland
A report was published via Magazine has confirmed that the Advertising Standards Authority of Ireland [ASAI] — the advertising watchdog that currently oversees crypto ads in the country — has received complaints and is monitoring a similar UK approach.
According to the report, ASAI has received four complaints since 2019. Two complaints have been directed at the Floki Inu meme coin. Here, it is worth noting that Musk’s puppy-inspired token is also subject to regulatory scrutiny in the UK.
So what will ASAI do? For starters, the Irish watchdog is to observe how neighboring UK plans to confront the rise of crypto advertising. In particular, ASAI has taken note of UK Prime Minister Rishi Sunkak’s proposal to regulate cryptocurrency advertisements under the UK’s Financial Conduct Authority. [FCA] policies.
Time to create “Joyce” of crypto advertising?
Ireland plays an important role here. The government has shown its eagerness to support the development of the technology, and Binance has previously expressed its desire to locate its headquarters in the region.
That being said, the UK’s FCA is looking at a number of possible strategies to block risky crypto ads and is accepting similar proposals. The regulator’s website stated,
“Under the proposed rules, the FCA will ensure financial marketing communications and approval companies have the relevant expertise and understanding of the investments being offered, improving the landscape of financial marketing. advertise risk and prohibit investment incentives, such as bonuses for new participants or bonuses for friends. ”
The final version will be released this summer. Investors will then need to see if Ireland will implement similar policies or adjust regulations to fit its own views on crypto innovation.
When the ads don’t go up
While the number of cryptocurrency advertising-related complaints that ASAI has to make is manageable, an investigation by Guardians shows that UK residents using public transport have been exposed to a record number of cryptocurrency advertisements. One figure reveals that there were over 39.00 crypto ads from 13 companies in just six months in 2021.
In addition, the United Kingdom’s Advertising Standards Authority [ASA] expressed his concern about how football teams like Arsenal promote crypto tokens to fans.