SEBI suggests celebrities to not endorse crypto products

The Securities and Exchange Board of India (SEBI) has suggested that prominent public figures such as celebrities and athletes should not endorse crypto products. According to the regulator, companies that place advertisements for cryptocurrency must also include a disclosure about potential legal violations.

According to a BusinessLine report citing sources, SEBI communicated its position to the Parliamentary Standing Committee on Finance when members grilled officials on various aspects of cryptocurrency. The regulator then provided a detailed written response, claiming that because crypto products are unregulated, prominent public figures should not be used to endorse or advertise crypto products. According to the report, SEBI has made it clear that any prominent public figure/celebrity who makes any endorsement that may violate the Consumer Protection Act or any other law will be held accountable.

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