{"id":262302,"date":"2022-02-23T16:30:04","date_gmt":"2022-02-23T11:00:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=262302"},"modified":"2022-02-23T15:40:38","modified_gmt":"2022-02-23T10:10:38","slug":"asci-releases-guidelines-for-advertising-of-virtual-digital-assets-and-linked-services","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/23\/asci-releases-guidelines-for-advertising-of-virtual-digital-assets-and-linked-services\/","title":{"rendered":"ASCI releases guidelines for advertising of virtual digital assets and linked services"},"content":{"rendered":"<p style=\"text-align: justify;\">On February 23, 2022, the Adverting Standard Council of India has released guidelines for advertising of virtual digital assets and linked services. <span id=\"page31R_mcid81\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The guidelines will be applicable to all advertisements released or published on or <\/span><span dir=\"ltr\" role=\"presentation\">after the 1<\/span><span dir=\"ltr\" role=\"presentation\">st<\/span> <span dir=\"ltr\" role=\"presentation\">of April 2022. Advertisers and Media owners must also ensure that all <\/span><span dir=\"ltr\" role=\"presentation\">earlier advertisements must not appear in the public domain unless they comply <\/span><span dir=\"ltr\" role=\"presentation\">with the guidelines, post the 15<\/span><span dir=\"ltr\" role=\"presentation\">th<\/span> <span dir=\"ltr\" role=\"presentation\">of April 2022.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page3R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A Virtual Digital Asset (VDA)<\/span><\/span><span id=\"page3R_mcid12\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">has been defined as<\/span><\/span><span id=\"page3R_mcid13\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">any information or code or <\/span><\/span><span id=\"page3R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">number or token (not being Indian currency or foreign currency), generated <\/span><\/span><span id=\"page3R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">through cryptographic means or otherwise, by whatever name called, providing a <\/span><\/span><span id=\"page3R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">digital representation of value exchanged with or without consideration, wi<\/span><\/span><span id=\"page3R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">th the <\/span><\/span><span id=\"page3R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">promise or representation of having inherent value, or functions as a store of value <\/span><\/span><span id=\"page3R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">or a unit of account including its use in any financial transaction or investment, but <\/span><\/span><span id=\"page3R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">not limited to investment scheme, and can be transferred, stored or traded <\/span><\/span><span id=\"page3R_mcid21\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">el<\/span><\/span><span id=\"page3R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ectronically. <\/span><\/span><span id=\"page3R_mcid23\" class=\"markedContent\"><\/span><span id=\"page3R_mcid24\" class=\"markedContent\"><\/span><span id=\"page3R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">These products are more commonly<\/span><\/span><span id=\"page3R_mcid26\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">referred to<\/span><\/span><span id=\"page3R_mcid27\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">as<\/span><\/span><span id=\"page3R_mcid28\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><span id=\"page3R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">crypto products<\/span><\/span><span id=\"page3R_mcid30\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201d<\/span><\/span><span id=\"page3R_mcid31\" class=\"markedContent\"><\/span><span id=\"page3R_mcid32\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">or Non<\/span><\/span><span id=\"page3R_mcid33\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211; <\/span><\/span><span id=\"page3R_mcid34\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Fungible Tokens (NFTs).<\/span><\/span><\/p>\n<p><span id=\"page31R_mcid81\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\n<h4><span style=\"color: #0000ff;\">Key points:<\/span><\/h4>\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid48\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">All ads for VDA products and VDA exchanges, or featuring VDAs,<\/span><\/span><span id=\"page3R_mcid49\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">must carry <\/span><\/span><span id=\"page3R_mcid50\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the following disclaimer.<\/span><\/span><span id=\"page3R_mcid51\" class=\"markedContent\"><\/span><span id=\"page3R_mcid52\" class=\"markedContent\"><\/span><span id=\"page3R_mcid53\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><br \/>\n<blockquote><p><span id=\"page3R_mcid54\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8220;Cry<\/span><\/span><span id=\"page3R_mcid55\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">pto products and NFTs are unregulated and can be highly risky. There may <\/span><\/span><span id=\"page3R_mcid56\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">be no regulatory recourse for any loss from such transactions.\u201d<\/span><\/span><\/p><\/blockquote>\n<\/li>\n<li style=\"text-align: justify;\"><span id=\"page26R_mcid99\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The words \u201ccurrency\u201d, \u201csecurities\u201d, \u201ccustodian\u201d and \u201cdepositories\u201d may not be <\/span><\/span><span id=\"page26R_mcid100\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">used in advertisements of VDA products or services as consumers associate <\/span><\/span><span id=\"page26R_mcid101\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">these terms with<\/span><\/span><span id=\"page26R_mcid102\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">regulated products.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The<\/span> <span dir=\"ltr\" role=\"presentation\">information<\/span> <span dir=\"ltr\" role=\"presentation\">contained<\/span> <span dir=\"ltr\" role=\"presentation\">in<\/span> <span dir=\"ltr\" role=\"presentation\">advertisements<\/span> <span dir=\"ltr\" role=\"presentation\">shall<\/span> <span dir=\"ltr\" role=\"presentation\">not<\/span> <span dir=\"ltr\" role=\"presentation\">contradict<\/span> <span dir=\"ltr\" role=\"presentation\">the <\/span><\/span><span id=\"page31R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">information or warnings that the regulated entities provide to customers in <\/span><\/span><span id=\"page31R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the marketing of VDA products from time to time.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Advertisements that provide information on<\/span><\/span><span id=\"page31R_mcid11\" class=\"markedContent\"><\/span><span id=\"page31R_mcid12\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">the cost or profitability of VDA <\/span><\/span><span id=\"page31R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">products shall contain clear, accurate, sufficient and updated information. For <\/span><\/span><span id=\"page31R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">example, \u201czero cost\u201d will need to include all costs that the consumer might <\/span><\/span><span id=\"page31R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">reasonably associate with the offer or transaction.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Information on<\/span><\/span><span id=\"page31R_mcid21\" class=\"markedContent\"><\/span><span id=\"page31R_mcid22\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">past performance shall not be provided in any partial or biased <\/span><\/span><span id=\"page31R_mcid23\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">manner. Returns for periods of less than 12 months shall not be included.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid28\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Every advertisement for VDA products must clearly give out the name of the <\/span><\/span><span id=\"page31R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">advertiser and provide an easy way to cont<\/span><\/span><span id=\"page31R_mcid30\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">act them (phone number or email). <\/span><\/span><span id=\"page31R_mcid31\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">This information should be presented in a manner that is easily understood <\/span><\/span><span id=\"page31R_mcid32\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">by the average consumer.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid37\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No advertisement for VDA products or exchanges may show a minor, or <\/span><\/span><span id=\"page31R_mcid38\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">someone who appears to be a minor, directly dealing wi<\/span><\/span><span id=\"page31R_mcid39\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">th the product, or <\/span><\/span><span id=\"page31R_mcid40\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">talking about the product<\/span><\/span><span id=\"page31R_mcid41\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid46\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No advertisement may show that VDA products or VDA trading could be a <\/span><\/span><span id=\"page31R_mcid47\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">solution to money problems, personality problems or other such drawbacks.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid52\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No advertisement shall contain statements that promise or<\/span><\/span><span id=\"page31R_mcid53\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">guarantee future <\/span><\/span><span id=\"page31R_mcid54\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">increase in profits.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid59\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No advertisement<\/span><\/span><span id=\"page31R_mcid60\" class=\"markedContent\"><\/span><span id=\"page31R_mcid61\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">may show that understanding VDA products is so easy that <\/span><\/span><span id=\"page31R_mcid62\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">consumers do not have to think twice about investing.<\/span> <span dir=\"ltr\" role=\"presentation\">Nothing in the ad <\/span><\/span><span id=\"page31R_mcid63\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">should downplay the risks associated with the category.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid68\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">VDA products ma<\/span><\/span><span id=\"page31R_mcid69\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">y not be compared to any other asset class which is <\/span><\/span><span id=\"page31R_mcid70\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">regulated.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page31R_mcid75\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Since this is a risky category, celebrities or prominent personalities who <\/span><\/span><span id=\"page31R_mcid76\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">appear in VDA advertisements must take special care to ensure that they <\/span><\/span><span id=\"page31R_mcid77\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">have done their due diligence about the statem<\/span><\/span><span id=\"page31R_mcid78\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ents and claims made in the <\/span><\/span><span id=\"page31R_mcid79\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">advertisement, so as not to mislead consumers.<\/span><\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On February 23, 2022, the Adverting Standard Council of India has released guidelines for advertising of virtual digital assets and linked services. <\/p>\n","protected":false},"author":8808,"featured_media":262303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-262302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ASCI releases guidelines for advertising of virtual digital assets and linked services | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/23\/asci-releases-guidelines-for-advertising-of-virtual-digital-assets-and-linked-services\/\" 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The policy emphasizes that only websites which are owned and operated by companies\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269391,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/01\/insertion-of-insertion-of-form-no-26qf-to-the-income-tax-rules-1962-vide-income-tax-20th-amendment-rules-2022\/","url_meta":{"origin":262302,"position":5},"title":"Insertion of Form No. 26QF to the Income tax Rules, 1962 vide Income-tax (20th Amendment) Rules, 2022","author":"Bhumika Indulia","date":"July 1, 2022","format":false,"excerpt":"The Central Board of Direct Taxes has notified Income-tax (20th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. 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