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The governor of the Central Bank of Ireland, Gabriel Makhlouf, is reported to advocate laws that ban crypto ads, especially those targetting young adults.Makhlouf previously condemned investments in crypto, stating investors should be “prepared to lose all their money.”<h2 id="header-0">Ireland central bank governor pushes ban on ‘unbacked’ crypto ads</h2>According to a <a href="https://www.bloomberg.com/news/articles/2023-01-25/irish-central-bank-chief-makhlouf-very-concerned-about-crypto" rel="noopener noreferrer nofollow">Bloomberg report</a>, Makhlouf said before the Committee on Finance, Public Expenditure, and Reform that there was an “uncomfortable” number of cryptocurrency advertisements targeting young adults.The central bank governor referred to numerous cryptocurrencies as “unbacked” assets and proposed that lawmakers “find a way” to prohibit related advertisements.In a March 2022 statement about the risks of investing in cryptocurrencies, the central bank of Ireland said that many advertisements were deceptive, “particularly on social media, where influencers are being paid to advertise crypto assets.”<h2 id="header-1">EU goes after crypto</h2>One of the central bank’s goals for 2023, according to Makhlouf, is the establishment of the European Union’s Markets in Crypto Assets, or <a href="https://micky.com.au/tag/mica/" rel="noopener noreferrer nofollow">MiCA</a>, framework. A decision on the crypto framework is set to be voted on in April.Crypto-related ads have been the target of law enforcement in several countries, both online and in the real world.The US Securities and Exchange Commission reached a <a href="https://micky.com.au/kim-kardashian-fined-1-26m-over-undisclosed-emax-promotion/" rel="noopener noreferrer nofollow">$1.26 million settlement</a> with star Kim Kardashian over an Instagram story advertising the EthereumMax (EMAX) coin.In 2022, the Advertising Standards Authority of the UK cracked down on several advertisements, including those used in Coinbase, eToro, and Kraken marketing initiatives.

Ireland may impose ban on crypto ads targeting young adults

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