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The Advertising Regulatory Board (ARB) has added a new clause which deals with cryptocurrency products to the code of advertising practice. The new rules aim to protect consumers from being misled by unethical advertisers.
“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 the government,” says ARB CEO Gail Schimmel.
“Rules around ethical advertising are non-negotiable for us as an industry,” says Marius Reitz, GM for Africa at Luno, which has spearheaded the project. “We don’t want rogue advertisers making claims that mislead vulnerable consumers about the reality of crypto investment.”