The United Kingdom’s stringent measures as regards the crypto industry continues to widen in scope as the country’s advertising board has pronounced a clampdown on crypto advertisements. According to the Financial Times Friday report, the Advertising Standards Authority (ASA), a self-regulatory organization of the advertising industry in the United Kingdom aims to track down and stop all forms of deceptive crypto based advertisements. This is one of the major priorities of the body this month.
An ASA executive said that the organization is committed to fight all forms of reckless and deceptive advertisements on crypto made available to the public on any platform at all. The executive further explained that the organization has realized that most crypto promotions are riskier than other finance based adverts. In line with this, the organization will adopt technologies including scraping and artificial intelligence in a concerted effort to keep a tab on crypto promotions. ASA will also engage in partnership with notable technology platforms to ensure that fraud based promotions on crypto are removed.
The body also intends to give cautionary notices and may require that advertisers put up disclaimers in their promotions. The ASA rekindled interest in crypto promotions because most crypto adverts are not in line with the United Kingdom’s policies on financial products advertisements. The body has since this year focused on crypto adverts as evidenced by their removal of adverts by the Luno and Coinfloor crypto firms.
Notwithstanding the interest of the ASA in crypto advertisements, the U.K’s financial supervisory body , the Financial Conduct Authority has disagreed with the proposition that the crypto industry is dependent upon adverts to operate.
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