Industry leaders have welcomed the directions for promoting virtual digital assets and services, saying the move will help represent the sector in the right light India has emerged as the world’s fastest-growing crypto market. As per a recent report by cryptocurrency research firm Chainalysis, in India, the industry has grown 641% between July 2020 and June 2021. The country reportedly houses 10.07 crore crypto owners, which is the highest in the world. This mammoth growth is also reflected in the ad spends by different platforms dealing with virtual digital assets and services (VDA). As per industry estimates, cryptocurrency platforms spent anywhere between Rs 150 crore to Rs 180 crore in advertising and marketing in FY22. This growing influence of the sector on Indian consumers has now prompted the Advertising Standards Council of India (ASCI) to come up with a set of guidelines that need to be followed while promoting VDA. Comprehensively announced on Wednesday, the guidelines aim to ensure that the users are aware of the unregulated nature of the industry and the risks involved in investing in such assets. The industry has welcomed these regulations with several players stating that the move will further strengthen the growth of the sector. exchange4media spoke to a few industry heads and players for their take on this significant development. According to CoinSwitch Founder and CEO Ashish Singhal, the ASCI guidelines are a step in the right direction for standardizing advertisements within the VDA space. “The VDA industry is supportive of all efforts towards investor protection. However, there are nuances that need to be addressed as the space is ever-evolving. We will continue to work together with ASCI and other stakeholders to refine them further,” he said. The Head of Brand, Marketing and Communication at CoinDCX, Ramalingam Subramanian, noted that the brand has always been following some internal guardrails with an objective to be transparent. CoinDCX incorporates appropriate disclaimers in its ads and will continue to comply with ASCI guidelines, he said. “ASCI releasing customised advertising guidelines is a very promising and welcoming move for the Crypto industry in India. CoinDCX is a member of ASCI and has been actively complying with ASCI’s Standard Ad Guidelines. The new guidelines add in more clarity and we are committed to abide by these and represent our brand in the right light." As for Shivam Thakral, CEO of Buyucoin, a homegrown cryptocurrency exchange, the clarity on advertisement guidelines will encourage crypto service providers to create annual media plans that will in turn boost revenues for the advertising industry. “We are glad that we finally have clear advertising guidelines from ASCI for crypto advertising in India. If we look at the existing crypto advertisements, they are already carrying risk-related disclaimers for the investors as mentioned in the latest ASCI guidelines. We feel that the advertising guidelines should be common for asset-based investments with a clear focus on communicating the associated risks to investors. The advertising guidelines are based on our current understanding of the crypto ecosystem and are expected to evolve as the industry enters a more mature phase.” The move will have an imperative impact on brand engagements and ad spends going forward, asserts Rikki Agarwal, Co-founder & COO, Blink Digital. “The cryptocurrency culture seems to be growing rapidly in India with increasing adoption among young men and women. Though the Union Budget highlighted regulating crypto and NFTs, there is still no clarity on its legality. The new guidelines by ASCI will certainly have an impact on brand engagements and ad spends going forward. We could also see an impact on how private crypto players plan their ad spendings during festive seasons, cricket tournaments, and on influencers and celebrities. In order to compete with the possible launch of the government's digital currency, brands might consider newer avenues to interact with the consumers. Though the move will help in educating and creating awareness amongst the consumers, we will have to wait and watch on how brands relook their strategy and plan their ad spends." Hailing the ASCI announcement, White Rivers Media CEO and Co-founder Shrenik Gandhi says, "I think it's a great move. Guidelines only strengthen the industry further. We have closely worked with BFSI and fantasy gaming clients, and have seen these guidelines proving to be effective in long-term customer satisfaction. Of course, guidelines in the initial stage may come across as a little discomforting as they may appear to kill creative freedom. But when we look at the bigger picture, guidelines are only meant to improve the consumer experience, which is also our ultimate goal in this industry."