CoinDCX cooperates with ASCI to improve transparency of crypto ads
Delhi High Court recently issued a judgement arguing that cryptocurrency advertising is not transparent enough. The court claims cryptocurrency ads often mislead investors as they usually don’t warn about the risks associated with crypto investments. Therefore, Delhi High Court has demanded that publishers place disclaimers in their advertisements to reflect the riskiness of such investments.
CoinDCX tries to restore trust in crypto ads
In light of these events, CoinDCX, a Mumbai-based crypto exchange, has announced a partnership with the Advertising Standards Council of India (ASCI), the voluntary self-regulatory body for the advertising industry. According to the company, the collaboration will be aimed at increasing transparency in cryptocurrency advertising. CoinDCX also hopes to restore trust in such advertisements.
As part of the partnership, the cryptocurrency exchange will use guidelines from ASCI on how to publish advertisements. According to ASCI, this will raise awareness about the cryptocurrency market in the country and also alert the masses about possible risks in digital assets.
Sumit Gupta, co-founder and CEO of CoinDCX, expressed his views on these innovations: “We are honoured to be a member of ASCI that safeguards consumers’ interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India.”
Uncertain future of cryptocurrencies in India
The Indian government is still postponing the introduction and discussion of the cryptocurrency bill, although they claim that it is ready for consideration. Despite such uncertainty over the future of digital assets in India, investors are still actively moving into the cryptocurrency market, making India the second most popular state for the crypto assets among Asian countries.
After closing another round of funding, CoinDCX has joined the crypto unicorn club. The crypto exchange continues to grow aggressively and wants to become India’s best cryptocurrency trading platform. The company is ready to partner with ASCI for making all crypto ads more transparent for the clients and to attract 50 million new users.
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