The High Court Of India called for disclaimers on crypto advertising

The Securities and Exchange Board of India (SEBI) and relevant bodies should issue appropriate guidelines for crypto exchanges advertising on TV, the High Court said.

The High Court Of India called for disclaimers on crypto advertising

The Securities and Exchange Board of India (SEBI) and relevant bodies should issue appropriate guidelines for crypto exchanges advertising on TV, the High Court said.

According to the report from Indian Express, the Indian High Court has issued a notice on plea against cryptocurrency advertisement, seeking standardized disclaimers.

The high court is seeking responses from SEBI, the Ministry of Information and Broadcasting and some of India's prominent crypto exchanges like WasirX, CoinDCX, Coinswitch Kuber scheduling the matter for discussion in August.

The request comes as lawyers, Ayush Shukla and Vikash Kumar petitioned for SEBI to mandate disclaimer text covering 80% of the screen, with a voiceover reading slowly for five seconds.

According to the request, the suggested format compares with the current practice where a disclaimer is displayed briefly in small text with wording such as "Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks."

Whether officials should issue guidelines or not, that might be interpreted as a further sign of India moving away from the crypto ban that had been threatened by the government and adopting a more lenient approach by regulating the industry.

Recently, A leading private sector bank in India, ICICI has updated its retail outward remittance application to include cryptocurrency. The bank asked customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India’s (RBI) liberalized remittance scheme for any crypto-related investments.

Read: Visa to approve Bitcoin spending card for CryptoSpend

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