Indian High Court seeks advertising disclaimer for cryptocurrency exchanges

In the context of continued uncertainty in India’s cryptocurrency regulation, a high court in the country’s capital is taking action to regulate the advertising of local cryptocurrency exchanges.

The Delhi High Court has issued a notice to local authorities and crypto companies to implement the guidelines for crypto trading advertisements on the national television station “New India Express” Report on Wednesday.

The court is seeking responses from the Securities and Exchange Commission of India (SEBI), the Ministry of Information and Broadcasting, and major Indian cryptocurrency exchanges including CoinDCX and WasirX, and plans to discuss the issue in August.

According to the report, lawyers Ayush Shukla and Vikash Kumar have urged the court to require SEBI to publish advertising guidelines, requiring encrypted audio-visual advertisements to include a disclaimer covering 80% of the screen and attach a voice-over reading that lasts at least 5 seconds.

According to reports, the petitioner stated that many encrypted advertisements on national television do not include voice-overs, and the disclaimer text is displayed briefly in lowercase letters, usually containing information such as “cryptocurrency is an unregulated digital currency, not legal tender, and subject to market control.” Such kind of risk. “

related: India’s cryptocurrency exchanges are still struggling to secure banking partners

According to reports, the court’s defense stated that encrypted assets are inherently more risky than traditional equity investment products, mutual funds and other investment vehicles, and therefore more measures need to be taken to ensure investor protection. The court pointed out: “Ordinary retail investors may suffer huge losses as a result of watching audio-visual advertisements on online websites such as TV and Youtube, but on the other hand.”

As the news came out, as an anonymous government source, India was still working hard to establish clear regulations for the country’s encryption industry Continue to raise concerns about the upcoming encryption ban. Despite the continuing regulatory uncertainty, India’s investment in cryptocurrencies across the country has Allegedly surged by 600% in the past year.