The British advertising supervisory authority grants the crypto industry.

The British advertising supervision has taken the crypto industry due to "widespread" problems with misleading and irresponsible advertising and judged against several of the largest companies in the industry, including Coinbase and Etoro.

The Advertising Standards Authority published seven companies on Wednesday for violating the standards of the British advertising industry with a wide range of advertising campaigns, from online campaigns to cheap media influencers.

Papa John’s, the pizza chain, which claims to have accepted the first purchase in Bitcoin, was under fire from the regulatory authority because she had offered 10 pounds of cash in the form of crypto token. The ASA said the advertising contract "trivialized" investments in risky crypto-assets.

The ASA's enforcement boost comes after the agency misleading crypto marketing to priority "alarm level red" and promised to reject hard.

"When we said 'alarm level red', we said it seriously," said Miles Lockwood, director of complaints and studies at the ASA. "Something has to change quickly in the online area."

Lockwood said that he assumes that most advertisers will adhere to the precedents that were determined by the verdict, but added that companies in which companies repeatedly display the rules can be referred to the Office of Fair Trading, which can lead to criminal persecution.

Investigations by the Financial Conduct Authority have shown that only a minority of people buys digital coins based on advertising, but they tend to achieve poorer results. "Consumers who can be convinced by advertising will be much more likely to regret their purchase," said the FCA in June.

The ASA announced that it "consciously" selected a number of cases to set clear standards for the rapidly changing sector, especially with regard to online advertising.

The supervisory authority criticized the fact that they represent crypto investments as "simple and suitable and suitable for everyone", and said that advertising should reflect the reality that trading in digital assets is "mature and complex" and inexperienced private investors could expose painful losses.

The circle of cases also included judgments against the Luno trading app and the crypto exchange. An earlier ASA judgment caused Luno to add risk-having to add his advertising campaigns in the London public transport.

In the answers published by the ASA, several of the companies, including Luno, mistakes or failures, made third -party mistakes to accept risk blocks in the advertisements made by the watchdog. A number of companies stated that the allegations of simplicity referred to their services and not to crypto investments themselves.

Coinbase said that the expression "easy and easy to use" in one of his ads "did not refer to cryptocurrency as a whole.. But referred to your app". Papa John’s said that the ads "made no comment on the investment in Bitcoin" and that the campaign resembled a standard cashback offer.

The ASA also asked companies to make it clear that crypto-assets in Great Britain are not regulated and to draw the attention of crypto buyers to their capital gains tax liability, since "the general public probably has no knowledge" of the tax regulations.

Together with other companies,

etoro has pushed back the expectation of taking out tax details. The brokerage app states that "there is no regulatory basis" for the requirement and that it does not apply to traditional financial products that are supervised by the FCA.

The advertising rules for the crypto industry could soon change because the British Ministry of Finance announced that the FCA supervision is extended to some advertising campaigns for crypto assets before the end of the year.

FCA boss Nikhil Rathi said last week to the MPs of the Finance Committee: "We expect us to receive some new powers in terms of financial advertising and crypto-assets."

Consumer financing experts said that the current rules "urgently need to be modernized" and that there is a "crazy anomaly" between the strict FCA rules for traditional financial products and the less specialized ASA standards for risky crypto-assets.

Some legislators have expressed themselves to simply add “more small print” to crypto liability excludes. MP Harriet Baldwin said that the use of the word "Investment" in crypto-risk yet "support the idea that this is an investment and is comparable to an FTSE 100 company or an investment fund".

Advertisements for financial products that are supervised by the FCA usually have to be approved by an authorized company beforehand, and companies can be fined in the event of serious violations of the standards of the supervisory authority.

The ASA said that the next year she would determine more comprehensive guidelines for crypto advertising next year. The regulatory authority intends to extend its hard passing on crypto-assets such as non-fungible tokens and "fan tokens", a form of cryptocurrency that offers its users advantages for membership.