{"id":542521,"date":"2023-01-23T13:13:22","date_gmt":"2023-01-23T10:13:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-africa-adds-new-cryptocurrency-standards-to-advertising-code\/"},"modified":"2023-01-23T13:13:22","modified_gmt":"2023-01-23T10:13:22","slug":"south-africa-adds-new-cryptocurrency-standards-to-advertising-code","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-africa-adds-new-cryptocurrency-standards-to-advertising-code\/","title":{"rendered":"# South Africa adds new cryptocurrency standards to advertising code"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34d5f92f3a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34d5f92f3a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/south-africa-adds-new-cryptocurrency-standards-to-advertising-code\/#%E2%80%9D_South_Africa_adds_new_cryptocurrency_standards_to_advertising_code_%E2%80%9C\" >&#8221; South Africa adds new cryptocurrency standards to advertising code &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_South_Africa_adds_new_cryptocurrency_standards_to_advertising_code_%E2%80%9C\"><\/span>&#8221; South Africa adds new cryptocurrency standards to advertising code &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvY2JlZGJjNjktNzU0Yi00NWFhLWE1NDEtZjI5NGQ0MTFlMDM1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>South Africa\u2019s Advertising Regulatory Board (ARB) has included a new clause for the cryptocurrency industry aimed at protecting consumers from unethical advertising.<\/p>\n<p>Companies and individuals in\u00a0South Africa must abide by certain advertising standards pertaining to the provision of cryptocurrency products and services in a new clause introduced to Section III of the country\u2019s advertising code.<\/p>\n<p>The first clause requires that adverts, including cryptocurrency offerings, must \u2018expressly and clearly\u2019 state that investments may result in the loss of capital \u2018as the value is variable and can go up as well as down.\u2019 Furthermore, adverts must not contradict warnings about potential investment losses.<\/p>\n<p>Advertising for particular services and products must be explained in an \u2018easily understandable\u2019 manner for intended audiences. Adverts must also give balanced messages around returns, features, benefits and risks associated with the associated product or service.<\/p>\n<p>Rates of returns, projections or forecasts must also be adequately substantiated, including how these are calculated and what conditions <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly to touted returns. Any information relating to past performance cannot be used to promise future performance or returns, and should not be presented in a way that creates \u2018a favourable impression of the advertised product or service.\u2019<\/p>\n<p>Adverts from cryptocurrency service providers that are not registered credit providers should not encourage the acquisition of cryptocurrencies using credit. However this does not preclude the advertising of associated payment methods provided by service providers.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social media<\/a> influencers and brand ambassadors will also be expected to comply with certain advertising standards. This includes being required to share factual information while being prohibited from offering advice on trading or investing in crypto assets and the prohibition of promises of benefits or returns.<\/p>\n<p>Cryptocurrency exchange Luno, a prominent service provider in South Africa, spearheaded the project with the ARB. Luno\u2019s GM for Africa Marius Reitz told Cointelegraph the exchange approached the regulatory body to develop new rules alongside major players in the local crypto industry.<\/p>\n<p><strong><em>Related:\u00a0Central African Republic eyes legal framework for crypto adoption<\/em><\/strong><\/p>\n<p>Reitz said that the industry is looking to take a self-regulatory approach and that consumers should be cognisant of risks involved in cryptocurrency investing. Scams and frauds have preyed on unsuspecting investors in the country, necessitating an effort to \u2018clean up the industry\u2019 by making it more difficult for scammers to operate:<\/p>\n<blockquote><p>\u201cMedia platforms are understandably looking for advertisers, but we were concerned that they weren\u2019t doing sufficient due diligence on whether advertisers were above board.\u201d<\/p><\/blockquote>\n<p>A statement shared with Cointelegraph from ARB CEO Gail Schimmel highlighted her belief that the project would result in better protections for \u2018vulnerable consumers\u2019 in South Africa:<\/p>\n<blockquote><p>\u201cThis is a wonderful example of an industry that sees the harm that could be done in its name, and steps up to self-regulate the issues without being forced to do so by government.\u201d<\/p><\/blockquote>\n<p>Cryptocurrency investors globally have fallen prey to some major scams in recent years. In South Africa, Mirror Trading International grabbed headlines through 2020 and 2021 as its CEO Johan Steynberg fled the country with sole control of wallets containing around 23,000 Bitcoin (BTC) belonging to thousands of investors.<\/p>\n<p>Africrypt was another South African investment scheme that turned sour on investors in 2021, with brothers Raees and Ameer Cajee claiming that a hacking incident had led to the loss of some $200 million worth of cryptocurrencies being managed by the fund.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/south-africa-adds-new-cryptocurrency-standards-to-advertising-code\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; South Africa adds new cryptocurrency standards to advertising code &#8220; South Africa\u2019s Advertising Regulatory Board (ARB) has included a new clause for the cryptocurrency industry aimed at protecting consumers from unethical advertising. Companies and individuals in\u00a0South Africa must abide by certain advertising standards pertaining to the provision of cryptocurrency products and services in a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":542522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/cbedbc69-754b-45aa-a541-f294d411e035.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[83536,74862,74858,138521,74355,70934,72602],"class_list":["post-542521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-advertisement","tag-bitcoin","tag-bitcoin-regulation","tag-luno","tag-adoption","tag-regulation","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=542521"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/542522"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}