Indian Crypto Exchange Partners With Ad Regulator to Bring Credibility to Crypto Advertisements
CoinDCX, a Mumbai-based crypto exchange has partnered with the Advertising Standards Council of India (ASCI), a voluntary self-regulatory body in the ad industry. The partnership aims to bring more credibility and transparency to crypto advertisements. The decision seems to be influenced by the recent Delhi High court orders that asked publishers to put necessary disclaimers on their advertisements.
The notice by the High Court was based on a plea that said the current crypto advertisements doesn’t have visible texts to make viewers aware of the risk that comes along with these type of digital asset investments.
The partnership would see CoinDCX incorporate guidelines issued by ASIC towards advertisement publication. This move would build public confidence and also help people become more aware of the crypto world and the potential risks associated with investing in them.
Sumit Gupta, Co-Founder, and CEO of CoinDCX said:
“We are honored to be a member of ASCI that safeguards consumers’ interests. The involvement reaffirms our commitment to ensuring safety and security for our users and raising the bar for advertising transparency in the crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.”
CoinDCX Wants to On-Board 50 Million Users
The fate of crypto regulations in India is still undecided as the government continues to delay the introduction and discussion on the Crypto draft bill that they claim is complete. However, the uncertainty around regulations has not deterred investors as India emerged as the second biggest crypto adopter among Asian countries.
CoinDCX, the Indian crypto exchange that recently entered the crypto unicorn club after closing a $90 million Series C funding round. The exchange had earlier revealed that it wants to become the number one Indian crypto trading platform and onboard 50 million users so that it would be impossible for the government to put a blanket ban.Source