New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning – Africa Bitcoin News
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The South African Financial Sector Conduct Authority (FSCA) recently issued a new code of conduct for cryptocurrency asset advertisements. The code requires advertisers to include a warning that investors may suffer a capital loss when investing in crypto assets.
The FSCA, which regulates the financial sector in South Africa, has implemented the new code in order to protect consumers from potential losses associated with investing in crypto assets. The code also seeks to ensure that crypto asset advertisements are clear and not misleading.
Under the new code, crypto asset advertisements must include a warning that investors may suffer a capital loss when investing in crypto assets. The warning must be prominently displayed in the advertisement and must be written in plain language.
The code also requires that crypto asset advertisements include a clear explanation of the risks associated with investing in crypto assets. This includes the risk of price volatility and the risk of losing all or part of the investment.
The code also requires that crypto asset advertisements include a statement that the FSCA does not endorse the product or service being advertised. The statement must be prominently displayed in the advertisement and must be written in plain language.
The code also requires that crypto asset advertisements include contact details for the advertiser, including a physical address and telephone number. This is to ensure that consumers have access to the advertiser should they have any questions or concerns about the product or service being advertised.
Finally, the code requires that crypto asset advertisements include a statement that the advertisement does not constitute financial advice. This is to ensure that consumers understand that the advertisement does not constitute financial advice and that they should seek advice from a qualified financial adviser before making any investment decisions.
The FSCA believes that the new code of conduct for crypto asset advertisements will help to protect consumers from potential losses associated with investing in crypto assets. The code also seeks to ensure that crypto asset advertisements are clear and not misleading.
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