Advertisements for digital assets, ranging from bitcoin to non-fungible tokens, have grown increasingly common in the United Kingdom, particularly on public transit and during sporting competitions.
As part of its increasing examination of cryptocurrency marketing, the United Kingdom’s Advertising Standards Authority (ASA) asked more than 50 companies in the field to advise customers that digital assets are unregulated and volatile on Tuesday.
According to the agency, starting on May 2, the watchdog will monitor advertising and take enforcement action against advertisements that violate its regulations, among other things.
According to the Advertising Standards Authority, advertisements must not state or imply that investing in cryptocurrencies is “trivial, straightforward, easy, or appropriate for everybody,” or that it is “fit for anyone” (ASA). Additionally, they must avoid instilling a “fear of missing out” or stating that investments are “low risk,” according to the monitoring organization.
“We’re concerned that people may be enticed by advertisements into investing money they can’t afford to lose without fully comprehending the risks,” said Guy Parker, Chief Executive of the Advertising Standards Authority, in a statement.
As stated by the Advertising Standards Authority (ASA), its guidelines are applicable to marketing for cryptocurrency tokens such as bitcoin, exchanges where traders can buy and sell tokens, and other relevant promotions directed at British consumers.