India to increase penalties for celebrities for advertising cryptocurrencies

The Securities and Exchange Board of India (SEBI) has called on lawmakers to ban media personalities from promoting products that may violate the law amid growing fraud in the crypto industry.

«Given that crypto products are unregulated, prominent public figures, including celebrities, athletes, etc., should not be used to endorse or promote crypto products,» the government agency said.

According to the 2019 Consumer Protection Law, misleading individuals can be fined between $ 12,840 and $ 64,210. The application of the law also means that a media person is banned from participating in any advertising campaign for three years.

The regulator proposed to amend and strengthen the law. It should be noted that this approach, despite its centralized nature, has a number of benefits. In particular, the problem of using athletes in advertising does exist — people lose money on every second such project.