Experts Discuss ASCI’s New Guidelines for NFT and Cryptocurrency

The latest trend-making rounds on the Internet are non-fungible tokens (NFTs). From Bollywood celebrities including Deepika Padukone, Amitabh Bachchan, Yuvraj Singh to brand names like MG Motors India have announced entry into the NFT market. Recently, Deloitte published a report predicting India will easily catch up to the trend of the global NFT revolution with favorable regulations. The report foresees NFTs for sports generating more than $2 billion in transactions this year, nearly double the number of than last year. Reports by a market research corporation Finder claimed Asian nations surpass the rest of the world with respect to cryptocurrency adoption. Vietnam is known to have the greater percentage of cryptocurrency ownership at 40 percent in Asia. Vietnam is followed by Indonesia, India, Malaysia, and the Philippines. However, all major crypto exchanges in India have suspended all marketing and promotional operations from November 2021, after Prime Minister Narendra Modi stated in a Parliament meeting that ‘attempts to mislead the youth via over-promising and non-transparent advertising should be halted.’ Since then, cryptocurrency exchanges in India have abstained from running new print, television, and radio commercials. The Advertising Standards Council of India has now issued new guidelines for NFT products and cryptocurrency exchanges. Virtual Digital Assets and services will be required to include prominent dis...