Bitcoin

According to new guidelines issued Monday by the country’s Advertising Regulatory Board (ARB), crypto ads in South Africa must caution new consumers that their capital may be at risk.Crypto ads “must expressly and clearly state that investing in crypto assets may result in the loss of capital as the value is variable and can go up as well as down,” the new<a href="https://www.arb.org.za/assets/section-iii-specific-categories-of-advertising-v2023.1.pdf" rel="noopener noreferrer nofollow"> ARB guidance</a> said.What crypto ads should look like based according to South Africa regulatorThe ARB also wants to make it tougher for social media influencers to promote cryptocurrency.“This is a wonderful example of an industry that sees the harm that could be done in its name, and steps up to self-regulate the issues without being forced to do so by government,” Gail Schimmel, chief executive officer of the ARB, said in a statement.It also stated that social media influencers and ambassadors should only post accurate information rather than offering trading advice or advertising guaranteed profits.Kim Kardashian, a reality TV personality and influencer, recently settled with the US Securities and Exchange Commission for <a href="https://micky.com.au/kim-kardashian-fined-1-26m-over-undisclosed-emax-promotion/" rel="noopener noreferrer nofollow">$1.26 million for promoting EthereumMax</a> without revealing she was being compensated.South Africa is the latest country to try to ensure that crypto publicity is honest and fair. The United Kingdom is also considering legislation to regulate crypto advertising.

Crypto ads must disclose capital risk, South Africa regulator says

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