While cryptocurrency ads are still being allowed on Google — albeit minimally — Ireland’s authority over advertising has banned such ads altogether. The Irish Times reports that Ireland’s Advertising Standards Authority is considering a ban on cryptocurrency and ICO ads in Ireland.
Objective Behind the Ban on Cryptocurrency and ICO Ads in Ireland
The reason given for this potential ban is that the ASA believes that cryptocurrency offerings are unregulated and, therefore, investors should be prepared to lose all their money. This decision by the ASA comes in the wake of similar moves by both Google and Facebook, which have recently banned cryptocurrency advertis globally. The organization is concerned that these ads are misleading consumers into believing that investing in cryptocurrencies and ICOs are secure, risk-free, and profitable.
While the proposed ban on cryptocurrency and ICO ads in Ireland may seem like a positive step, it also raises questions about how effective such a move would be at preventing investment scams and how it could affect the cryptocurrency world moving forward.
The main takeaway from this news regarding the issue of crypto ads in Ireland is that it could be another hurdle for ICOs to overcome. The authority behind banned cryptocurrency advertising aims to protect consumers from misleading ads, which could be used as an excuse to censor legitimate crypto-related businesses. While it is unclear how these new regulations will be enforced, the fact that Ireland’s Advertising Authority has brought up the issue of crypto ads in Ireland is something to keep an eye on. In any case, it is best to avoid the negative side of regulation by keeping your ads transparent and honest.
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