Crypto ads may soon become a thing of the past in Ireland following reports from the Advertising Standards Authority of Ireland (ASAI) stating that the agency is currently in the prosses of reviewing crypto-products following recent consumer complaints.
The authority noted that a rising number of companies are promoting their crypto services to Irish consumers. And this is an obvious problem considering that cryptocurrencies are currently unregulated in Ireland.
The turning point seemed to be the moment the agency noticed that crypto ads rarely if ever emphasized the risks of trading cryptos.
A comment from a spokesperson from the regulator stated that his organization is planning to review, if needed, “additional rules and/or guidance…in light of the emerging trend of cryptocurrency business advertisements.” These rules will act accordingly, when the lack of experience showcased by a client is taken advantage of by a crypto company or a firm offering crypto investments.
The idea behind these new rules is to safeguard the integrity of the market by notifying all users of the inherent risks that crypto-based products and services pose. However, these regulations may take an heavy toll on advertisers: crypto firms may be forced to tame their operations by lowering their advertisement capital.