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Irish regulators reported that they are studying the issue and may tighten the rules for advertising cryptocurrencies. They noted that as the global adoption of digital currencies is growing rapidly, it is very important for the state to bring order to much of this unregulated industry. That is why the Irish advertising watchdog has announced plans to revise the current regulations on the promotion of crypto projects.
The Advertising Standards Authority of Ireland (ASAI) decided to address this issue due to the fact that the number of advertisements related to the cryptocurrency business has increased dramatically in the country. In particular, representatives of the organization said that the Floki Inu project received wide publicity. However, citizens of the country filed a huge number of complaints about this kind of advertising campaign.
ASAI said that videos often lack explanations about the possible risks of investing in digital currencies. The representative of the organization assured that now the regulator is considering potential steps to tighten the rules for all companies related to cryptocurrency products and services.
The corresponding document will be published in the near future. All firms in the country must comply with uniform regulations. In addition to the general rules on truthfulness, fairness and reasonableness, the ASAI Code contains requirements regarding financial advertising. Crypto projects belong to such organizations
Cryptocurrency companies are likely to be required to warn potential clients about all sorts of risks when investing funds. Otherwise, advertising will be banned, and its creators will be forced to pay huge fines.
Earlier, the Crypto.ru editors reported that representatives of the Binance exchange registered 3 new companies at once in the country on September 27, 2021.
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