All advertising for virtual digital assets and services needs to follow the following guidelines:

(1.1) All ads for VDA products and VDA exchanges, or featuring VDAs, must carry the following disclaimer.

“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”

Such a disclaimer must be made in the following manner so that it is PROMINENT and UNMISSABLE by an average consumer:

(a) In print or static, equal to at least 1/5th of the advertising space at the bottom of the advertisement in an easy-to-read font, against a plain background, and to the maximum font size afforded by the space.

(b) In video, the disclaimer should be placed at the end of the advertisement against a plain background. A voice over must accompany the disclaimer in text. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format video of over two minutes, the said disclaimer should be repeated at the beginning and at the end of the video. The disclaimer must remain on screen for a minimum of five seconds.

(c) In audio, the disclaimer must be spoken at the end of the advertisement. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format audio of over 90 seconds, the said disclaimer should be repeated at the beginning and at the end of the audio.

(d) In social media posts, such a disclaimer must be carried in both- the caption as well as any picture or video attachments. The disclaimer within the caption must be placed upfront at the beginning of the post. Where social media posts. or advertisements have restrictions on text in the static picture, the disclaimer must be carried upfront in the caption before the fold.

(e) In disappearing stories or posts unaccompanied by text, the said disclaimer will need to be voiced at the end of the story in the manner laid out in points (a) or (b) above. If the video is 15 seconds or lesser, then the disclaimer may be carried in a prominent and visible manner as an overlay.

(f) In formats where there is a limit on characters, the following shortened disclaimer must be used “Crypto products and NFTs are unregulated and risky” followed by a link to the full disclaimer.

(g) The disclaimer must be made in the dominant language of the advertisement

(h) In addition to the above, all disclaimers must meet the minimum requirements laid down in the ASCI guidelines for disclaimers.

(2) The words “currency”, “securities”, “custodian” and “depositories” may not be used in advertisements of VDA products or services as consumers associate these terms with regulated products.

(3)The information contained in advertisements shall not contradict the information or warnings that the regulated entities provide to customers in the marketing of VDA products from time to time.

(4) Advertisements that provide information on the cost or profitability of VDA products shall contain clear, accurate, sufficient and updated information. For example, “zero cost” will need to include all costs that the consumer might reasonably associate with the offer or transaction.

(5) Information on past performance shall not be provided in any partial or biased manner. Returns for periods of less than 12 months shall not be included.

(6) Every advertisement for VDA products must clearly give out the name of the advertiser and provide an easy way to contact them (phone number or email). This information should be presented in a manner that is easily understood by the average consumer.

(7) No advertisement for VDA products or exchanges may show a minor, or someone who appears to be a minor, directly dealing with the product, or talking about the product

(8) No advertisement may show that VDA products or VDA trading could be a solution to money problems, personality problems or other such drawbacks.

(9) No advertisement shall contain statements that promise or guarantee future increase in profits.

(10) No advertisement may show that understanding VDA products is so easy that consumers do not have to think twice about investing. Nothing in the ad should downplay the risks associated with the category.

(11) VDA products may not be compared to any other asset class which is regulated.

(12) Since this is a risky category, celebrities or prominent personalities who appear in VDA advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers.

The guidelines will be applicable to all advertisements released or published on or after the 1st of April 2022. Advertisers and media owners must also ensure that all earlier advertisements must not appear in the public domain unless they comply with the guidelines, post the 15th of April 2022.

Subhash Kamath, Chairman of ASCI, said: “We had several rounds of discussion with the government, finance sector regulators, and industry stakeholders before framing these guidelines. Advertising of virtual digital assets and services needs specific guidance, considering that this is a new and as yet an emerging way of investing. Hence, there is a need to make consumers aware of the risks and ask them to proceed with caution”.

These guidelines interpret, for virtual digital assets, Chapter 1 of the ASCI code, particularly clauses 1.1, 1.4 and 1.5. that require ads to be truthful, and not mislead consumers by implication, ambiguity, exaggeration or omission, and are not framed in a way that abuses their trust or exploits their lack of knowledge.

It is important to note that these guidelines do not amount to any legal recognition or endorsement of the industry or the sector, as that is a matter of government policy. ASCI only provides self-regulation for content of ads that are permitted by law.

Manisha Kapoor, Secretary General, ASCI, said: “We have seen a spate of advertising for virtual digital assets which could compromise consumer interest in the absence of some guardrails. Use of celebrities and high decibel advertising would attract consumers to these offerings, without full disclosure of the risks. Given that this is, as of now, an unregulated space, it is even more important for advertising to be upfront regarding the risks associated with these products. Globally, this is an emerging technology and products in the virtual digital asset industry have seen significant volatility. We believe with these guidelines, advertisements would be fairer and more transparent.

The post ASCI frames guidelines for advertising and promotion of virtual digital assets and services! first appeared on Latest News, Breaking News, National News, World News, India News, Bollywood News, Business News, Politics News, Sports News, Entertainment News - CineBuster.

Fresh from the launch of its influencer marketing guidelines, ASCI aimed to expand the discussion to what lies ahead for the sector, the impact created with the introduction of the guidelines, the challenges that have surfaced, how they can be overcome as well as regulatory necessities like monitoring and the plan that takes-off from here.

The first panel presented the content creator’s perspective. It focused on the need to balance creativity in influencer marketing with responsibility and the need to protect consumer interest. It showcased what influencers thought of the evolution of this new branch of marketing, why creative engagement works despite the labelling of content that is promoted and what brands think of it.

The panel comprised actor-influencer Karan Tacker, ASCI Secretary-General Manisha Kapoor and Founding Partner of the Collective Artists Network and CEO of BigBang.Social Dhruv Chitgopekar.

Key takeaways:

● We are observing various crossovers coming live in various formats with respect to finance, cryptocurrency, etc

● We will see the commercialisation of content creators with the evolution of technology

● We are in the midst of a major transformation. There is a tectonic shift in advertising with the COVID-19 intensifying the momentum of audiences’ and brands’ preference for digital

● Advertising is shifting decisively to digital platforms because the lockdown has accelerated digital consumption

● People are spending a lot of time on social media, so brands must recognise their responsibility to be transparent about promotional content

● ASCI has found strong allies in brands and content creators since the launch of the guidelines. Not only are they embracing labelling norms, they are seeing the benefits of it

Supporting the new normal in influencer marketing, Tacker said: “It is a myth that creative engagement and responsibility can’t go hand in hand. As we celebrate World Social Media Day, it is important that we educate new influencers, who are joining the space and contributing to our growth, to employ fair practices. In terms of importance, it is nice to have discipline and everybody should be aware of the guidelines”

Kapoor added: Many companies, brands, influencers and agencies continue to engage with us for clarifications. Since the launch of the guidelines, we have observed a significant interest and belief from all stakeholders. Complaints against influencers and brands for misleading ads in the digital space have also started coming in. The good part is, that as soon as ASCI reaches out to those influencers, the ads are either taken down or corrected within hours.”

Chitgopekar said: “The power of Influence, as we call it, is totally a new era. The market will have its own push and pull as we evolve together. The new labelling framework has given birth to an active dialogue and we believe that to be the best part because it symbolises success and acceptance. This is just the beginning; the nuances will change as we move ahead in the journey and so will the whole system.”

The second panel centred on social media and governance. The panelists were a unique mix of Indian and global advertising veterans as well as a representative of the government. While ASCI Chairman Subhash Kamath provided the Indian perspective, Guy Parker, President of ICAS and Chief Executive of ASA, UK, offered the global experience. Guillaume Doki-Thonon, Founder-CEO of Reech, spoke about why monitoring for violations of influencer marketing norms was critical and how his organisation is helping ASCI do that in India. The government point of view came from Abhishek Singh, CEO of MyGov, President and CEO of the National e-Governance Division, and MD and CEO of the Digital India Corporation.

Key takeaways:

● Influencer marketing norms exist in many countries without any adverse impact on the engagement or creativity of content creators

● The common thread across all the guidance is to remain upfront and transparent with the content you create

● Technology now has the power to sort sponsored content from un-sponsored

● With the help of a machine learning algorithm, it can be detected whether brand-influencer partnership has been disclosed or not

● Influencers are becoming more creative with their ads, which underscores the need to constantly improve the algorithm

● Many brands and agencies have reached out to ASCI for advice or course correction before the campaign is executed

● This ASCI advisory isn’t pre-approval of campaigns but to see whether they violate any norms

● The government is very keen on tapping into the expertise of influencers to raise creativity levels and engagement around its messages

● The government has collaborated with many well-known influencers to achieve more impact

● Social media in India should be used extensively to reach a larger audience and in different languages to establish stronger connections

● Awareness and communication have always been part of the government’s outreach but, so far as social media is concerned, the government can target people better and bust myths of fake news

● A great example is the awareness campaign for COVID-19, which was very impactful because of the power of social media

● Here on, the use of social media will be more video- and audio-driven with regional languages at the forefront

Asserting that the government is very keen on associating with influencers to raise creativity levels and engagement, Singh said: “We are very happy to work with influencers because of the impact and the power they wield. We collaborate with several influencers to work on social media. In addition, the government promotes the use of regional languages and Indian social media apps to increase engagement.”

Applauding the strides India has made, Parker said that influencer marketing norms exist in many countries and that there has been no impact on engagement or creativity. He added: “Influencer advertising has exploded in the past 10 years. Consumers shouldn’t have to play detective to deduce the authenticity and status of the content. The need to keep the principles of advertising intact called for guidance across influencer markets. ASCI’s guideline is a good example of high-quality guidance because it’s easily understandable, practical and pragmatic. Globally, the same principle runs through all the guidance as a common thread, which is to be upfront with people about the content you are putting out.”

Doki-Thonon, explaining the monitoring system Reech is setting up for Indian influencer marketing, said: “At the end of the day, the consumer will gain from transparency – that is now the norm of the influencer market, thus boosting the confidence of consumers. With the help of a machine learning algorithm, we can detect whether a partnership between an influencer and a brand has been disclosed or not. Influencers are becoming more creative with their ads, but the good thing is that the algorithm also learns and adapts constantly.”

The codification of the declaration of promotional content and labelling requirements are not only indicators of the maturity of Indian influencer marketing but also why self-regulation is critical for industries like advertising. Other stakeholders like brands are also modifying their marketing approach to build in greater safeguards for consumers.

ASCI.Social, a repository for everything about the influencer marketing guidelines as well as the home for a community of stakeholders, has taken off well. Not only are influencers visiting it for guidance, they are also taking the online pledge to employ only ethical practices. The platform is also a great forum for the exchange of ideas.

Kamath had the last word: “We have been focusing on bringing in more clarity in the digital space. We don’t want to just police the narrative, but help shape a more responsible one. There is a lot more that is coming up. We want to thank everyone who supported us. Ask questions, discuss, debate and join us on ASCI.Social.”

Later that evening, ASCI also participated in a Clubhouse discussion with nearly 200 creators, moderated by noted influencers Scherezade Shroff and Janice Sequeira, on how to be creative while also being responsible.

The post ASCI marks ‘World Social Media Day’ with a webinar o n the future of influencer marketing, challenges! first appeared on Latest News, Breaking News, National News, World News, India News, Bollywood News, Business News, Politics News, Sports News, Entertainment News - CineBuster.