- The first change embraced by the ASCI is doing away with the disclaimers in the captions.
- The second modification is the change to the criteria for long form videos.
Sumit Gupta, the CEO and co-founder of crypto exchange CoinDCX recently took to Twitter to announce that the Advertising Standards Council of India has adopted two key suggestions made by the Bharat Web3 Association in regards to the ‘Guidelines for Advertising Virtual Digital Assets and Linked Services’ released in February of last year.
📢 I am thrilled to share that the Advertising Standards Council of India @ascionline has embraced two pivotal suggestions put forth by Bharat Web3 Association @BW3Association regarding the ‘Guidelines for Advertising Virtual Digital Assets and Linked Services’ released in Feb…
— Sumit Gupta (CoinDCX) (@smtgpt) November 2, 2023
The ASCI approved two changes as co-founder highlighted. The first is doing away with the disclaimers in the captions. The disclaimer may now be included directly on the artwork itself, let it be a static image or a video. The second modification is the change to the criteria for long form videos. Any video that lasts longer than 10 minutes is now considered long format. A change that represents the fluidity of content and the creative process as per the CEO.
All advertisements for VDA (virtual digital asset) products and VDA exchanges or involving VDAs are obliged to include a predetermined disclaimer. Also, adhere to a strict set of guidelines that were issued in February of last year.
The introduction of these stringent guidelines were a response to concerns that many cryptocurrency-related advertisements do not effectively communicate the risks associated with such products, as earlier highlighted by India’s advertising watchdog.
However, this recent development reflects a positive step towards greater clarity and responsibility in cryptocurrency advertising, fostering a safer environment for consumers in India, thus boosting adoption.
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