Crypto | Crypto Industry: Ahead of new ad norms, will crypto players go all guns blazing this IPL season?

Synopsis

Crypto firms are expected to dominate advertisement space in the upcoming edition of the IPL, following the government’s announcement to tax crypto gains in the union budget and the ASCI’s guidelines.

The world’s biggest and richest cricket league is scheduled to kick off from March 26, broadcasting on mainstream television channels and digital media platforms.New Delhi: Indian Premier League (IPL) is around the corner and crypto industry players are likely to target potential investors. Market experts said that crypto platforms will go all guns blazing.

However, the 15th edition of the cricket extravaganza will be the first major event after the announcement of the Advertising Standards Council of India (ASCI) new guidelines for the advertising of virtual digital assets (VDAs).

Anupam Shukla, Partner, Pioneer Legal said that the announcement of taxation on crypto income left investors jittery and now platforms will aim to increase ad expenditure during the IPL and recreate the buzz over cryptos.
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The world’s biggest and richest cricket league is scheduled to kick off from March 26, broadcasting on mainstream television channels and digital media platforms.

Adding more to it, Vinu Peter Immanuel, Associate Partner, Link Legal said, “We have seen crypto platforms in the US advertise heavily in the Super Bowl and gain significant increase in platform user signups,”

Crypto firms are expected to dominate advertisement space in the upcoming edition of the IPL, following the government’s announcement to tax crypto gains in the union budget and the ASCI’s guidelines, he said.

IPL is India’s biggest sporting event. It has the highest number of viewers, out of which, majority of them fall in the age bracket of 18 to 34 years of age, offering the ideal platform for crypto players to reach the targeted audience.

The new guidelines proposed by ASCI will come into effect at the beginning of the new fiscal year, with platforms re-aligning their advertisement and promotional content with the proposed guidelines.

Of late, the crypto platforms had to pause their advertisement campaigns, fearing potential regulatory clampdown, said Immanuel from Link Legal.

“With ASCI coming up with guidelines for crypto related advertisements, it is expected that crypto platforms will once again occupy primetime advertising spots,” he added.

Market experts said that roping in celebrities, mega stars or cricketers during the IPL will not be an easy task from the players as the platforms will have to streamline their ad strategy during IPL.

The celebs and influencers promoting cryptos for the platforms have also started demanding indemnity and protection clauses in their contracts, said Shukla from Pioneer Legal.

Ahead of the crypto bill and amid regulatory uncertainty in India, many platforms are eyeing to shift their base to crypto hubs like Dubai, Singapore and Malaysia

Acknowledging the cricket enthusiasm in India, industry players said that IPL is a strong opportunity for them to create a brand and educate people about the risks involved in the digital assets, at the same time.

Vikas Ahuja, CEO of CrossTower India said that it is crucial that platforms are responsible with respect to advertisements. “As an industry, we must educate people rather than market a getting rich quick narrative,” he adds.

According to an ET report, Indian cryptocurrency exchanges collectively spent more than Rs 50 crore during the ICC T20 World Cup last year.

Exchanges had earlier faced flak from the government for “irresponsible” advertisement that hit its peak during the ICC World T20 2021. Now, the industry expects IPL to be a big booster for the crypto space in India and Asian subcontinent.

The crypto industry is relatively new and innovative. While promoting a brand and sector, it is crucial to be responsible, said Ahuja. “We stand in support of ASCI’s efforts to protect consumers.”

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Updated: 03/09/2022 — 07:00