South Africa adds new cryptocurrency standards to advertising code
Cryptocurrency products and services feature in a new clause in South Africa’s code of advertising practice introduced by the Advertising Regulatory Board. South Africa’s Advertising Regulatory Board (ARB) has included a new clause for the cryptocurrency industry aimed at protecting consumers from unethical advertising. Companies and individuals in South Africa must abide by certain advertising standards pertaining to the provision of cryptocurrency products and services in a new clause introduced to Section III of the country’s advertising code. The first clause requires that adverts, including cryptocurrency offerings, must ‘expressly and clearly’ state that investments may result in the loss of capital ‘as the value is variable and can go up as well as down.’ Furthermore, adverts must not contradict warnings about potential investment losses. Advertising for particular services and products must be explained in an ‘easily understandable’ manner for intended audiences. Adverts mu...