Code of Conduct for Crypto Ads

Code of Conduct for Crypto Ads

Subject – Science and Tech

Context – Code of conduct coming soon for crypto ads

Concept –

• Cryptocurrency industry body Blockchain and Crypto Assets Council (BACC) will soon come out with guidelines for advertising as part of a move towards a setting a code of conduct for the players.
• The BACC is also working on a standardised set of self-regulatory guidelines for KYC (know your customer) and customer education, and will move on to issues including FIU (Financial Intelligence Unit) reporting and risk monitoring.

Blockchain and Crypto Assets Council (BACC)

• BACC was formed with the vision of doing public advocacy for the crypto industry, to increase awareness about crypto and provide industry guidance.
• BACC is a part of Internet and Mobile Association of India (IAMAI).
• Currently all major crypto exchanges in India are members of BACC.

Advertising Standards Council of India

• The Advertising Standards Council of India (ASCI) is a voluntary self-regulatory organization of the advertising industry in India.
• Established in 1985, ASCI is registered as a non-profit company under section 25 of the Company Act.

To know more about ASCI, please refer July 2021 DPN.