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Indian financial watchdog warns against celebrity crypto endorsements

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The Securities and Exchange Board of India (SEBI) has suggested that no prominent public figures, including celebrities and sports personalities, should endorse crypto products, according to local media reports.  

See related article: India’s crypto ads to get ‘highly risky’ banners starting April

Fast facts

  • Trading cryptocurrencies is not illegal in India, but the activity is not regulated in the country and is categorized as virtual digital assets for tax purposes only.
  • The securities and commodities market regulator added that crypto-related advertisements must disclose how crypto dealings could be in violation of local regulations.  
  • SEBI suggested rewording the local advertising council’s disclaimer to include: “Dealings in crypto products may lead to prosecution for possible violation of Indian laws such as FEMA, BUDS Act, PMLA, etc,” according to anonymous SEBI sources quoted by local media.
  • Such disclaimers are already in place for alternative investment channels such as stocks and mutual funds brokerages.

See related article: Crypto tax in India is now a reality

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  • Source: https://forkast.news/headlines/regulator-warn-celebrity-endorsements/

This Post was originally published on Forkast

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