While a few crypto currency platforms still haven’t returned to advertising, amid the regulatory uncertainty, others have re-started their targeted marketing campaigns; albeit not as aggressively as before; mostly to keep investors informed.
Most of these platforms had suspended their advertising with the government raising concerns over the lack of transparency in crypto ads. Last week, the Board of Control for Cricket in India had announced that no commercial deal with crypto currency players will be allowed, amid all the uncertainty. It is noteworthy that CoinDCX and CoinSwitch Kuber had spent more than Rs 50 crore collectively in sponsorship deals during the ICC T20 World Cup alone.
While currently there are no regulations on cryptocurrencies, Union Finance Minister Nirmala Sitharaman has assured that the new Cryptocurrency Bill will be introduced soon, and the government is studying the existing regulatory framework for advertisements to look at how to handle them.
The crypto ad market in India has seen a massive boom in the recent months, but in the middle of all the current challenges and concerns, WazirX has not restarted its advertising on any platform as of now since August 2021. Although, it has kept itself active on all mediums to keep the investors updated and well informed.
“As a responsible corporate, our main focus has been on building awareness around the crypto ecosystem and devising and executing campaigns that will help in educating investors. The Indian crypto market is believed to be one of the fastest growing markets in the world, gaining traction from global investors as well. To avoid ambiguities and to keep our investors up to date on all the latest happenings in the industry, we have kept all our communication channels open through all mediums, as well as social media handles,” said Nischal Shetty, CEO and Founder, WazirX.
The platform is working towards ensuring broader investor protection and has recently introduced a transparency report to provide the required visibility to regulators in order to safeguard the interests of crypto investors.
Shetty shared that it will continue to focus on responsible marketing and work towards educating and debunking the myths on crypto. It is working in accordance with the government and will wait for the government to frame the guidelines.
“Since the meeting in the Parliament between crypto exchanges and Standing Committee members, the exchanges have become very cautious about what message they want to give to users while advertising,” said Sathvik Vishwanath, CEO, Co-Founder, Unocoin.
He shared that Unocoin had always been subtle, when it comes to advertising, and it has continued to do the same on one side while its educational initiatives have continued to be aggressive on the other.
“The uncertainty in regulatory clarity is not new in India but it is now looking like it will be coming to an end very soon. The entire industry has become cautious now and this is a good move,” he added.
Zebpay too continues to educate investors with appropriate information, to help them make educated choices on their investments, shared Raj Karkara, COO at Zebpay. It is also now planning its advertisements in line with the regulatory measures.
A few others, including CoinDCX, are seen to be pretty active with their celebrity associations and paid partnerships on social media.
In an earlier conversation with BestMediaInfo, multiple media agencies had shared their concerns about a sudden shift in the crypto ads’ strategies and budgets. They shared that partner agencies, working closely with such players, will experience a sudden downturn, having dedicated both monetary and creative bandwidth to the ongoing and upcoming projects.