Crypto Ads in Ireland Might be Under Regulatory Scrutiny

Regulators have instigated a review of several advertisement campaigns issued by crypto asset service providers. The legislative institution responsible for promotional initiatives in Ireland is the Advertising Standards Authority of Ireland (ASAI).

Based on the report by the Irish Independent, the ASAI is preparing a set of regulations that would mean difficulties for cryptocurrency service providers to publicly advertise their products.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Crypto Token VS Coin (Animated Explainer & Examples)

SUBSCRIBE

ON YOUTUBE

The authority specified that digital asset businesses do not fully educate investors on the promoted services, which poses a great deal of risk for their funds in an unregulated market.

The Irish Independent spoke with one of the representatives at the ASAI who stated that the authority will be "reviewing whether additional rules and/or guidance is required in light of the emerging trend of cryptocurrency business advertisements."

Likewise, he mentioned that the ASAI has previously raised concerns about "consumer knowledge" in regard to digital assets, and, consequently, the traditional "financial advertising" rules may soon be amended.

It has become apparent that countries in the British Isles are seemingly highly invested in tackling misleading cryptocurrency advertisements. 

Earlier in March, the London-based crypto exchange Ziglu had its advertisements under investigation by the Advertising Standards Authority (ASA). Apparently, the exchange issued several advertisements across Scotland that urged people to invest in crypto without warnings of any potential dangers.

Back in January, Britain’s Finance Ministry (HM Treasury) announced that crypto ads will be put in the same category as other financial advertising campaigns, and tasked the Financial Conduct Authority (FCA) to prepare a robust regulatory framework for crypto advertisements.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts