New guidelines by the South African Advertising Regulatory Board (ARB) have it that crypto ads in the country must warn potential buyers of risking their capital.
Gail Schimmel, ARB’s chief executive officer said that crypto ads “must expressly and clearly state that investing in crypto assets may result in the loss of capital as the value is variable and can go up as well as down."
The new guidelines mandate social media influencers to only share factual information rather than offer advice on trading or promising guaranteed returns.
Similarly, the U.K. is also proposing legislation to constrain crypto promotions.
Recently, the U.S. reality TV star and influencer Kim Kardashian settled with the Securities and Exchange Commission for $1.26 million for hyping EthereumMax without disclosing she was being paid.