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Indian High Court Seeks Disclaimers on Crypto Advertising

The High Court of Delhi is seeking responses and has scheduled the matter for discussion in August.

By Jamie Crawley
AccessTimeIconJul 14, 2021 at 11:26 a.m. UTC
Updated Sep 14, 2021 at 1:25 p.m. UTC
Government buildings in New Delhi.

Government buildings in New Delhi.

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The High Court of Delhi in India has called for standardized disclaimers on crypto-related advertising on national television.

  • The Securities and Exchange Board of India (SEBI) and other relevant bodies should issue appropriate guidelines for crypto exchanges advertising on TV, the court said, according to reports Wednesday.
  • The court is seeking responses from SEBI, the Ministry of Information and Broadcasting and some of India's prominent crypto exchanges like WasirX, scheduling the matter for discussion in August.
  • The request comes after lawyers Ayush Shukla and Vikash Kumar petitioned for SEBI to mandate disclaimer text covering 80% of the screen, with a voiceover reading slowly for five seconds.
  • The suggested format compares with the current practice where a disclaimer is displayed briefly in small text with wording such as "Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks," according to the request.
  • If the guidelines are issued, it might be interpreted as a further sign of India moving away from the outright crypto ban that had been threatened by the government and adopting a more lenient approach by regulating the industry.

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