Australia explain about misleading crypto ads
To avoid citizen’s lost assets
In this era, ads really helps company to introduce their brand
Then, it attracts people attention to take a look
Or even buy any brands that they see by ads
Including cryptocurrencies products
A lot of people seeing the crypto ads, afterwards they buy the asset
In hope to invest for their future.
Unfortunately, sometimes this things create a chance
A chance for them who want to used this chance for their own benefit.
Then, will Australia crack down on misleading crypto ads?
Chainalysis’ head of international policy Caroline Malcolm explained;
This means bringing crypto-assets into a similar regulatory regime to financial products
As occurred in the United Kingdom.
Chainalysis’ head of international policy Caroline Malcolm expects Australia’s new rules governing crypto advertising
Not only ads, but also romotion and consumer safeguards
To follow a similar path to the United Kingdom when they come into place within the next year.
“I think we’re more likely to see something along the lines of the UK model which is really focusing on a crackdown on misleading advertising or advertising which doesn’t present the risks alongside the opportunities.”
In March, U.K.’s Advertising Standards Authority (ASA) released new guidance
A guidance that requiring advertisers to clearly state the level of risk associated with investing in cryptocurrencies.
Moreover, Malcolm noted that Singapore took a different approach
They effectively banning all public marketing of crypto to retail customers.
Malcom added it’s not about banning advertising
Or banning the sale of particular asset as how some other countries do
It is about safety for the people
Because sometimes, there are people who believe easily when seeing any ads
Then it may leads them to the wrong direction
It just to ensure that there will no misleading ads
In addition, she hopes that there will be explanation in the ads
So that the customer will know the risk of everything that they bought