Ireland's regulator may soon begin clamping down on crypto ads. The Advertising Standards Authority of Ireland (ASAI) is reviewing crypto-related product ads in light of numerous complaints from consumers.
The ASAI is noting a significant rise in the promotion of companies that offer crypto trading services. At the time of writing, cryptocurrencies are unregulated in Ireland.
The regulator became aware that crypto advertisements do not emphasize the risk, products and services that are being promoted. As complaints are continuing to pile up, the ASAI is reviewing its guidance on cryptocurrency ads.
A spokesperson confirmed the above by stating: “The ASAI is considering reviewing whether additional rules and/or guidance is required in light of the emerging trend of cryptocurrency business advertisements.
“The ASAI is aware of concerns about consumer knowledge of cryptocurrencies. As well as the general rules on truthfulness, honesty and substantiation, the ASAI code contains rules related to financial advertising.”
source: the Irish Independent
These rules are steps to ensure customers' inexperience should not be taken advantage of by advertisers. The risk of investing in cryptocurrencies must be clear.
How Will the ASAI and Revenue Act?
As crypto ads are now being reviewed by the ASAI, new guidance may be issued or a new set of rules may be set by the regulator. Social media influencers, for example, are facing a new set of rules in Australia.
Advertisers are concerned regulators are beginning to tame the crypto industry following its growing popularity. The FCA has already introduced its new 3-year strategy.
Revenue is exploring various methods to reduce tax evasion in the country. One of the options that is being discussed is for exchanges and brokers to begin reporting trades in cryptocurrencies.
At the time of writing, Revenue is solely relying on individuals to report their capital gains in the crypto market.
Additionally, ways are being discussed to force a crypto tax on Irish residents that are living abroad.
