Crypto Ads in Ireland Might be Under Regulatory Scrutiny

Crypto Ads in Ireland Might be Under Regulatory Scrutiny

Digital asset promotions are currently under review by the local authorities in Ireland.

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.

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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.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree