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Amendment to UK financial services bill provides regulation for crypto activities
An amendment to the Financial Services and Markets Bill now before the United Kingdom’s Parliament would extend the law’s powers to regulate financial promotion and other activities to crypto assets. The amendment was written by Member of Parliament and Financial Secretary to the Treasury Andrew Griffith. The 335-page bill was introduced in July and had its second reading in the House of Commons on Sept. 7. According to the explanatory statement accompanying the amendment, it would: “[…] clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets.” The Financial Conduct Authority (FCA), the U.K.’s financial regulator, published a “Dear Chief Executive” letter Aug. ...
Financial future or false promises? Crypto firms go big on ads in 2022
Advertisements are in abundance everywhere we go — from billboards seen throughout road trips to commercials displayed every fifteen minutes or so during television shows. It’s also the case that most advertisements today display messages from major internet-based brands like Amazon, which was ranked as the largest advertiser in the United States in 2020. Telecommunication providers and payment giants like American Express have also been listed as some of the biggest advertisers in the United States. These companies typically spend billions of dollars per year on marketing messages aimed to inform, persuade and remind consumers about their products and services. 2022 is the year for crypto advertising While dot-com brand commercials and social media advertisements continue to bombard...
Fed never did it: US Senate Banking head lashes out at Super Bowl crypto ads
The Super Bowl advertisements by crypto companies, including Coinbase, FTX and several others, ruled social media and news headlines for their out-of-the-box approach. However, United States Senate Banking Committee Chief Sherrod Brown was not impressed and blasted the ad-makers for not including appropriate warnings and risks involved. Brown, during the Tuesday Senate hearing on stablecoins, brought in the topic of popular crypto advertisements that aired during the Super Bowl. He said most of these ads failed to tell people about the downsides of investing in cryptocurrencies. The companies failed to mention the wild price swings and prevalent scams that occur in the market or the fact that the crypto market is not as well regulated as the traditional ones. Super Bowl advertisement ...
Clampdown on crypto ads: A one-off or a new phase of global regulation?
Over the last week, regulators in three major jurisdictions across two continents introduced new rules governing cryptocurrency-related promotions and advertisements. Citing consumer risks associated with digital asset investments, authorities in the United Kingdom, Singapore and Spain tightened the requirements around crypto firms’ marketing messaging and customer recruitment practices. While some experts view this emerging trend as a sign of a new global phase of cryptocurrency regulation, questions about the efficiency and universal applicability of this approach persist. New measures In the United Kingdom, Her Majesty’s Treasury issued a report summarizing the results of a public consultation on crypto-asset promotions, published in July 2020, as well as the government’s further steps ...
Singapore bars crypto service providers from advertising in public spaces
The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, barring them from marketing their services in public areas. The guidelines, which were issued on Jan. 17, also warned the general public of the high risks associated with the crypto market in addition to prohibiting DPT companies from advertising their services in public places such as public transportation, public transportation venues, public websites, social media platforms and broadcast and print media. The new set of guidelines will be applicable for all the registered crypto services providers as well as those who are in the transitional period: “MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is n...
Arsenal football club in dispute with ASA over ‘irresponsible’ crypto ad
The Advertising Standards Authority (ASA), a body that oversees advertising in the United Kingdom, is cracking down on non-compliant crypto advertisements. Earlier this year, Arsenal became one of the many football clubs to collaborate with blockchain firm Chiliz and launch a fan token. On Aug. 12 this year, the club promoted its fan token AFC on its official Facebook page, which the ASA has banned for allegedly violating its advertising rules. The agency stated that the post did not highlight the risks involved in the investment. In a different event, as per a BBC report, the monitor claims that the topic of content on Arsenal’s official website — particularly, a page published on Aug. 6, 2021, with the title “$AFC Fan Token: Everything you need to know” — was violating advertising ...
UK advertising watchdog bans crypto ads for Coinbase and Kraken
The Advertising Standards Authority, or ASA, the United Kingdom’s independent advertising regulator, has taken down another batch of cryptocurrency-related ad campaigns promoting several major industry firms. On Dec. 15, the advertising watchdog issued several rulings on ad violations involving six crypto-related firms including Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno crypto exchange. The ASA also issued a similar ruling for pizza chain Papa John’s. All seven ads or promotions were banned for “irresponsibly taking advantage of consumers inexperience and for failing to illustrate the risk of the investment,” the rulings said. The ASA argued that Coinbase’s European branch specifically put out a “misleading” promotion on its paid Facebook ad in July 2021, including a t...
World Bank to construct 13.16km Lagos farm roads
Lagos State Government says its World Bank-assisted Agro-Processing, Productivity Enhancement, Livelihood Improvement Support (APPEALS) Project will construct 13.16km Farm Access Roads (FARs) in four cluster areas. The state Commissioner for Agriculture, Ms Abisola Olusanya, said this on Thursday during the activities to commemorate the second year of Gov. Babajide Sanwo-Olu’s administration. Olusanya noted that the four farm cluster areas were Igbodu in Epe, Araga also in Epe, Erinkorodo in Ikorodu and Afowo in Badagry. She said the access roads when completed would ensure smooth movement to and fro the farms. Olusanya added that it would reduce losses encountered by egg farmers as a result of the bad road. The commissioner said it would also improve productivity of the concerned farmers....
Police promotion: PSC insists no zone is marginalised
File Photo The Police Service Commission has reiterated that no part of Nigeria has been deliberately shortchanged in the promotion of officers of the Nigeria Police Force. This was disclosed in a statement on Wednesday by Ikechukwu Ani, Head, Press and Public Relations of the commission. He said the Commission was aware that promotion in the Police Force is guided by defined rules and regulations that have nothing to do with ethnic or religious considerations. The statement read in part, “The Commission wishes to state that it has since sanitized the processes of recruitment, promotion and discipline in the Force and has ensured that these processes are also governed by established rules and regulations. “It is on record that the Commission has contributed in ensuring sanity in the recrui...
Anglican Communion in Nigeria affirms rejection of homosexuality
The Church of Nigeria (Anglican Communion) on Sunday affirmed its rejection of homosexuality, vowing to defend the gospel of Jesus Christ. The Primate, Archbishop Henry Ndukuba, made the position of the church known in a statement on Sunday in Abuja. “The Church of Nigeria affirms its total rejection of homosexuality, and will surely stand to defend the truth of the gospel based on the injunctions and ethical principles of the Holy Bible,’’ Ndukuba said. The statement is entitled, ‘‘Church of Nigeria’s Position on the Recent Developments in Anglican Church in North America (ACNA)”. He condemned recent signing of a letter which, he said, recognised and promoted homosexuality in ACNA. The cleric called for sanctions against bishops, priests and laity in ACNA Province who signed the letter. N...
Former NAF chief Nsikak Eduok laid to rest in Akwa Ibom
It was a harvest of tributes for a former Chief of Air Staff, late Air Marshall Nsikak Eduok as his remains were laid to rest in his hometown in Ibesikpo Asutan, Akwa Ibom state on Saturday. Chief of Air Staff, Oladayo Amao who spoke at the Ibom Hall grounds Uyo during the funeral service conducted by United Evangelical Church, Founded as Qua Iboe Church, described late AM Eduok as a man of valour, integrity and a great achiever with unprecedented strive for success. Based on these sterling attributes, the Force has decided to immortalise him by naming Ultrafit Gymnasium center at the Nigerian Air Force Base Yola after him. According to him, late Eduok was one of the best hands the force had, one who changed the landscape of the service and was mentor to many retired and serving officers. ...
Russia issues arrest warrant for Alexei Navalny ally
Russia has issued an arrest warrant for Leonid Volkov, a close ally of poisoned Kremlin critic Alexei Navalny, according to a media report. Mr Volkov had been organising protests from his base in Lithuania to demand the release of the opposition leader, who was detained last month as he entered Russia. A protest was planned for this Sunday, with Mr Volkov urging people to gather near their homes and light candles in heart shapes to flood social media. “You will raise your phone flashlights – and someone, maybe, will bring candles – and form a heart shape with them.. You will take a picture of it from above, from one of the apartments, and post it on Instagram,” he wrote in a Facebook post promoting the demonstration. His actions have angered Russian authorities, who have been granted an ar...
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