Five Countries With Strict Crypto Ad Laws

Cryptocurrencies are highly volatile. Trading in these assets without a proper understanding of the market dynamics can be very risky. Advertisements promoting specific crypto products can prompt people to trade impulsively. This leads to losses. Some governments across the globe are planning a crackdown on such misleading crypto advertisements. Virtual currencies are condemned because of their fluctuation, being used in shady transactions, and mass utilization of power generation in the mining period. They are however perceived as a thing of refuge throughout financial downpours. The cryptocurrency market is not regulated in many countries leaving investors vulnerable to fraud and scams. Countries where cryptocurrency is illegal include Bolivia, China, India, Iran and Egypt among others. Algeria has banned cryptocurrency recently following a financial law passed in 2018. Misleading advertisements are risky to investors and can lead to losses. As Kathy Kraninger from crypto risk monitoring firm Solidus Labs pointed out to Forbes, ”Many of these ads are designed to create FOMO, and rightfully so, the crypto space is a very dynamic place with ample opportunity. However, it is important to remember that FOMO often contributes to fraud, since it pushes consumers and investors to make decisions quickly.” This could be the reason behind countries like Singapore, the UK, and Spain taking measures to regulate crypto advertising space....