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Crypto ads and sponsors banned from women’s cricket league in India


The Indian authorities have once again demonstrated their tough stance on cryptocurrencies by proactively banning crypto-currency advertising and sponsorship in the local women’s cricket league.

How reported by Planet Sport On Feb. 14, the Board of Control for Cricket in India (BCCI) sent out a 68-page advisory to women’s premier league teams outlining activities that should not be advertised. In the document, cryptocurrencies were mentioned along with the gambling business and the tobacco industry:

“No franchisee shall enter into a partnership or any association with a legal entity that is in any way affiliated/associated with a legal entity that directly or indirectly participates/operates in the cryptocurrency sector.”

This follows a previous ban on men’s Premier League cricket, introduced back in 2022. Prior to the ban, the Indian Premier League partnered with at least two local crypto exchanges, CoinSwitch Kuber and CoinDCX. Coincidentally, in March 2022, cryptocurrency companies decided not to advertise in the Premier League due to liability concerns.

In 2022, India, home to about 115 million cryptocurrency investors, introduced two laws requiring massive taxes on unrealized profits and transactions related to cryptocurrencies and requiring its citizens to pay a 30% tax on unrealized profits from cryptocurrencies.

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Some investors expected changes this year to ease the pressure on the crypto sector, but the national budget for 2023 fell short. Finance Minister Nirmala Sitharaman believes in a global regulatory framework for cryptocurrencies, so India’s crypto regulatory regime is unlikely to change autonomously.

Crypto advertising has become a hot topic for global regulators and law enforcement amid a string of crashes and bankruptcies of major platforms. In the United Kingdom, newly proposed advertising regulations could potentially see crypto firm executives face up to two years in prison for failing to meet certain promotion requirements.



Credit : cointelegraph.com

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