Australian Authorities Create New Regulations That May Affect Crypto Influencers

Australian Authorities Create New Regulations That May Affect Crypto Influencers
фото показано с : zycrypto.com

2022-4-7 15:34

ASIC releases guidelines for social media financial influencers and financial service providers.Defaulters face millions in fines or serious jail time.Some content creators have raised concerns over a lack of clarity in the regulations.

Australian authorities have recently released a guideline for financial influencers and service providers. The guideline will require that influencers and companies not breach the Corporations Act 2001 (Corporations Act) and mislead the public by promoting unlicensed financial services.

ASIC’s Guidelines

Crypto advertising and influencers have caused regulators’ concerns in the last couple of years. Especially over ads that promise unrealistic gains or fraudulent projects.

Australian Securities & Investments Commission (ASIC) has released guidelines for financial influencers and service providers that use these influencers in the country. The regulatory body has warned social media influencers and financial service providers to ensure that services promoted or offered in the case of service providers do not breach the Corporations Act 2001 (Corporations Act).

Influencers have been advised to confirm that the services they promote have Australian Financial Services Licensing (AFS). They are also advised to ensure that their content is balanced and not misleading. In addition to this, financial service companies are also advised that they could be held liable for influencers’ actions. The guidelines reveal that the companies could face huge fines while influencers may receive a jail term of up to 5 years.

“The Corporations Act imposes significant penalties, including up to five years’ imprisonment for an individual and financial penalties into the millions of dollars for a corporation.”

While there is no specific mention of cryptocurrencies in the guidelines, it is not far-fetched to assume that social media crypto influencers would be bound by it. Notably, some content creators have said that the guidelines do not clarify what promotion entails, as a factual piece could be interpreted as a promotion.

Global Crypto Ad Regulatory Efforts 

Various approaches have been taken to clamp down what regulators believe to be misleading or harmful advertising. The UK and India are amongst those that have also recently laid out guidelines for crypto advertising.

Meanwhile, the Netherlands has taken a different approach which involves educating students about cryptocurrency investments. The lessons as reported are expected in the coming months.

As regulators try to get a grip on misleading crypto ads, it becomes necessary that investors also become increasingly wary of projects promising unreasonable returns with little utility, even when backed by an influencer. Notably, there have been cases where influencers like Mayweather and Jake Paul have been implicated in rug pulls.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial regulations influencers time jail serious fines

financial regulations → Результатов: 126


How To Do Taxes on Your MetaMask Trades? Full Guide

It is the duty of every citizen to pay taxes to the government on all income generated from their various businesses. The tax is also extended to revenue generated from the financial markets.  Being a relatively newer aspect of the financial markets, the world of crypto has seen fewer regulations when compared with the stock […] The post How To Do Taxes on Your MetaMask Trades? Full Guide appeared first on CaptainAltcoin.

2021-12-29 15:28


Фото:

Anthony Scaramucci says he expects Mama Bear regulations for crypto

Anthony Scaramucci, the founder of SkyBridge Capital, has come out to say he expects the US to come up with Mama Bear regulations for the crypto space. He said this during an interview while discussing what he expects to come out of six crypto executives giving testimonies before the House Committee on Financial Services later […] The post Anthony Scaramucci says he expects Mama Bear regulations for crypto appeared first on Invezz.

2021-12-10 19:52


Kraken Obtains License from the UK’s Finance Regulator, Focuses on Design with New Hire as Masses Join Crypto

Cryptocurrency exchange Kraken’s wholly-owned subsidiary Crypto Facilities has obtained an MLR license from the UK Finance regulator, the Financial Conduct Authority (FCA). This means the company is now compliant with money laundering regulations in the country and that it is following the same standards as required by FCA from the banks.

2021-11-16 18:18


Coinbase Calls for a New, Dedicated Crypto Regulator that “Comprehends this Technological Revolution”

The largest cryptocurrency exchange in the US wants the US to be the ‘shaper’ of modern financial services instead of a ‘taker’ of regulations which is at risk of becoming. The post Coinbase Calls for a New, Dedicated Crypto Regulator that “Comprehends this Technological Revolution” first appeared on BitcoinExchangeGuide.

2021-10-15 16:29


Japan’s Financial Services Agency (FSA) Looks to Step Up Crypto Oversight: Report

Japan has always been seen as a shining light in the Asian market for crypto adoption, with favorable regulations and a pang of hunger for digital assets. However, recent events have caused many in the industry to rethink this stance, especially with the regulator now looking towards imposing stricter rules against companies in the space.

2021-8-25 21:13


These are the key points El Salvador's 'worrying' Bitcoin banking regulations ignore

Since El Salvador first decreed that Bitcoin will be made legal tender, the crypto-world has waited with anticipation for this financial revolution to unfold. Despite heavy criticism from both inside The post These are the key points El Salvador's 'worrying' Bitcoin banking regulations ignore appeared first on AMBCrypto.

2021-8-20 00:30


Фото:

El Salvador’s Central Bank Releases Draft Regulations for Bitcoin (BTC) Services

Banco Central de Reserva (BCR), the central bank of El Salvador, has published draft regulations for banks and other financial institutions looking to offer bitcoin-related services.  Draft Regulations for Bitcoin Digital Wallet Services The BCR released the document titled “Guidelines for the Authorization of the Operation of the Digital Wallet Platforms for Bitcoin and Dollars”Read More

2021-8-19 17:00


Фото:

Swiss Authority Approved TKR as Stable Coin

Takamaka has obtained the “Financial Services Standards Association (VQF)” license, which certifies that the company complies with anti-money laundering regulations and that the TKR, Takamaka’s stable coin (1:1 with the USD), is officially in compliance with the Swiss regulations and is to all intents and purposes digital money! As Takamaka has been recognized as compliantRead More

2021-7-30 10:00


Фото:

Market Bloodbath Continues as Chinese Government Mulls Banning Bitcoin Mining Activities

The Chinese government has doubled down on its anti-cryptocurrency regulations. Recent reports reveal that government officials called for a crackdown on bitcoin trading and mining activities. Another China FUD? In a meeting held on Friday (May 21, 2021), the Financial Stability and Development Committee of the State Council, headed by Liu He, vice Premier ofRead More

2021-5-22 01:00


Фото:

South Korean Regulators Working With Banks in a Bid to Regulate Cryptocurrencies

Regulators in South Korea are now taking an interest in the cryptocurrency industry with plans to introduce regulations for the emerging asset class. The nation’s financial authorities are now seeking the help of banks to aid in these efforts, and have asked them to declare their cryptocurrency businesses to ascertain the exact number of cryptoRead More

2021-5-6 08:00


Фото:

Taiwanese Crypto Exchanges Given July 1 AML Compliance Deadline 

Authorities in Taiwan have made it clear to cryptocurrency exchanges and bitcoin (BTC) trading platforms in the region that they have until July 1, 2021, to fully comply with existing anti-money laundering (AML) regulations in the region, according to a press release by the Financial Supervision and Administration Commission (FSC) on April 20, 2021. Taiwan’sRead More

2021-4-26 21:00