In brief
Crypto asset advertisers should be aware that they must now comply with new regulatory requirements around the publishing of crypt asset advertisements in South Africa. The South African Advertising Regulatory Board’s (ARB) Code of Advertising Practice (“ARB Code“) was broadened to include new requirements for crypto assets in January 2023. Crypto asset advertisers should prioritise compliance with new requirements under the ARB Code because, although the ARB’s rulings are not binding, an adverse decision is usually accepted by the advertising and publishing community and can result in reputational consequences for advertisers.
In depth
Crypto asset advertisements are now regulated in South Africa, and crypto advertisers should be aware of the new requirements applicable to them. The broadening of the ambit of the South African Advertising Regulatory Board’s (ARB) Code of Advertising Practice (“ARB Code“) was announced on Monday, 23 January 2023 and comes hot on the heels of the Financial Sector Conduct of Authority’s declaration in October last year, announcing the classification of crypto assets as a financial product.
The ARB Code lays down a number of general principals relevant to all forms of advertising, and provides for principles applicable to specific categories of advertising in section III. According to the newly inserted clause 17 of section III, advertisements for crypto assets in South Africa must now clearly state that investing in crypto assets…
