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ARTICLE · 01 APRIL 2022

Cryptos & NFTs – ASCI Compliances: Dos And Don'ts

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Virtual digital assets ("VDA/s") such as cryptocurrencies and Non-Fungible Tokens ("NFT/s") and services related thereto, form part of a trend that currently floods the internet.

IndiaTechnology
Nitin Jain
Nitin Jain
Vrushali Popat
Vrushali Popat
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Background

Virtual digital assets ("VDA/s") such as cryptocurrencies and Non-Fungible Tokens ("NFT/s") and services related thereto, form part of a trend that currently floods the internet. Doubling last year's figures, a recent report by Deloitte Global estimates that in 2022, NFTs for sports-media will generate more than US$ 2 billion in transactions.

The said report also records that given India's regulatory framework and pending policies, it is only a matter of time before NFT-based market for movies and sports-memorabilia become a nation-wide reality.1 Already, a few prominent Indian personalities have declared their entry into the realm of NFTs.

However, while emphasising the highs, the rosy-picture painted by such advertisements belie the volatility and risks associated with NFTs. Consequently, in order to protect the interests of consumers, the Advertising Standards Council of India ("ASCI") is now prohibiting advertisements from claiming that

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