The Delhi High Court has called for standardized disclaimers regarding crypto advertising. This came up In response to a petition filed by the Securities and Exchange Board of India (SEBI) to mandate disclaimer text on crypto advertising,
Lawyers Ayush Shukla and Vikash Kumar had petitioned for SEBI to mandate disclaimer text covering 80% of the screen. They had also argued for a slow voiceover of five seconds.
Now, the court is seeking responses from SEBI and the Ministry of information and Broadcasting. It has also sought responses from prominent crypto exchanges like WazirX.
Currently, in a crypto advertisement, there is a small disclaimer with wording such as “Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks.”
Many see this as a sign of moving away from the stringent crypto ban threatened by the government. Previously, The government was looking to pass the crypto bill through an ordinance process. However, The Indian Finance Minister, in an interview, said the government would make a calibrated stance on cryptocurrencies.
The government also pushed a draft on blockchain technology which meant that they are taking this technology seriously. Recently, it has also set up a new panel to study crypto regulations. Although we don’t know how stringent the regulations will be, it’s safe to say that the Indian government will surely not push an outright ban on cryptocurrencies. Moreover, many global exchanges are in process of recruiting people in the country to enter the Indian Market.