Ireland advertising regulator looking to keep crypto advertising in check

As the United Kingdom looks to widen its crackdown on advertisements related to crypto-assets, Ireland plans to go about a similar route.

The Advertising Standards Authority of Ireland [ASAI] has received four crypto-related advertising complaints since 2019, media outlet The Journal revealed Monday. Two of the complaints were adverts related to meme-coin Floki Inu featuring on Dublin Bus sidings last year.

However, all four advertisements remain under review as the advertising watchdog monitors developments in the space. A spokesperson for ASAI told The Journal:

“The ASAI’s code contains both general rules relating to truthfulness and specific rules related to financial advertising. We are aware that there is increasing concern in other jurisdictions about the advertising for cryptocurrencies, and we are monitoring developments.”

While the Central Bank of Ireland regulates advertising related to financial instruments, regulations surrounding crypto assets remain largely a grey area. Ergo, crypto-related ads are currently overseen by the ASAI.

Meanwhile, the country’s central bank has issued several warnings on crypto-related investments and recently said, “We reiterate those warnings.”

“More generally, consumers who are considering investing in a product should carefully consider their investment objectives, level of experience, and appetite for risk,” a spokesperson said in a statement.

For now, Ireland is gauging its neighbor’s next step in regulating the nascent industry. The UK has recently tightened its clampdown on crypto-related advertisements after banning two adverts by cryptocurrency platform Crypto.com.

In total, the UK’s Advertising Standards Authority (ASA) banned seven crypto ads for “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment” in December.