Argentina Senate Discusses Bill to Regulate Cryptocurrency Advertising

Argentine legislatures have begun debating a bill to regulate the advertising of cryptocurrency companies' products to protect consumers from the risks of losing funds. Argentina is one of the Latin American countries whose residents actively use cryptocurrencies. Legislative bodies of the country are discussing the adoption of laws on the advertising of cryptocurrency products to prevent increased cases of fraud. Senator Eduardo Andrada has introduced a bill that will regulate how individuals and organizations promote crypto assets. According to the Andrada initiative, any advertising related to cryptocurrencies must include a disclaimer about the risks associated with investing in digital assets. Andrada also proposed introducing education for citizens to make it easier for them to distinguish fraudulent cryptocurrency schemes from good projects. Members of the Argentine Securities Commission Sebastian Negri and Martín Breinlinger participated in the discussion of the bill. According to Negri, he often sees advertisements that mention the growth of Bitcoin to $69,000, and people are given guarantees that the situation will repeat itself, so they need to have time to invest now.. Negri believes that this should not be allowed – companies should not promise potential investors guaranteed profits and rush them with investments. However, Senator Angela Negri disagrees that lawmakers are able to regulate cryptocurrency advertising.. In her opinion, this could lead to the fact that the Senate will get carried away with other minor issues related to the industry, when more important tasks should be addressed. After the collapse of the FTX exchange, many regulators tightened control over cryptocurrency companies. According to Bloomberg, the US Federal Trade Commission (FTC) has already begun investigating cryptocurrency advertising.. In addition, the UK Advertising Standards Authority (ASA) banned an NFT promotion campaign launched by cryptocurrency exchange Crypto.com and Turtle United on social media.