UK Advertising Regulator Investigates Crypto-Asset Ads across Different Media

The UK Advertising Standards Authority (ASA) is aware that people are concerned about crypto-asset advertising – particularly regarding cryptocurrencies and "non-fungible tokens" (NFTs), and is therefore currently investigating a number of crypto-asset ads across different media, where it has concerns about:

• lack of appropriate risk warnings

• the trivialisation of investments in cryptocurrency

• ads taking advantage of consumers' inexperience or incredulity

• ​irresponsible advertising (for example, creating a sense of urgency to invest).

ASA will provide clarity around its expectations of crypto-asset advertising through these rulings, which is expected to publish in mid-December. It will then carry out proactive monitoring and enforcement to tackle non-compliant ads for crypto-assets.

The authority is already taking action against illegitimate scam ads where it can to disrupt online scams through it Scam Ad Alert system. This was in partnership with the major digital advertising and social media platforms, including Facebook and Google, to help tackle bogus ads that leave consumers out of pocket, specifically online paid-for ads linking to fraudulent content, particularly crypto investment.