Last year, India’s top cryptocurrency exchanges spent a huge sum to advertise during IPL 2021 and the T20 world cup. But they have decided not to advertise during IPL 2022. This decision has been taken by Blockchain and Crypto Assets Council (BACC) which has more than 24 crypto companies as members. BACC is part of the Internet and Mobile Association of India.
As per reports, top crypto trading platforms such as WazirX, CoinDCX, and CoinSwitch Kuber have collectivity spent over Rs 90 crore in IPL 2021 and T20 WC. This advertising also helped these crypto exchanges in getting a good user base and boos in crypto investments.
The Indian government has proposed a tax of 30 percent on income from cryptocurrencies trading and other digital assets. The budget 2022-23 also proposes a 1 percent TDS payment. Now everyone is waiting for the crypto bill to have a clear idea of the future of the cryptocurrency market in India. So, there is no reason to create a huge noise.
Seeing the current situation of crypto companies, this decision seems logical. The Indian government is working on a crypto bill. Companies are also under the scanner of different government agencies and regulators. They don’t want to increase their troubles.
Last month, ASCI also issued guidelines for advertising and promotion of virtual digital assets and services. This is also applicable to crypto and non-fungible tokens (NFTs). These guidelines will be applicable starting April 1. All ads will now contain a disclosure of risks associated with such products. This disclosure must also be prominent with a voice-over at a normal speaking pace.
No ads can promise or guarantee a future increase in profits. It should also note the risks associated with the category.
