Cryptocurrency task promoters need to comply with the law
According to LOLawyer Phan Vu Tuan (Ho Chi Minh City Bar Association), the Law on Advertising 2012 stipulates that any promoting actions, other than political propaganda and promotional details, are inside of the scope of this Law. Therefore, in principle, the promotion of cryptocurrency tasks, GameFi need to also comply with the provisions of the Law on Advertising.
In addition, the present law does not have rules prohibiting the promoting of cryptocurrencies and GameFi tasks. At the very same time, the responsibilities of influential folks when advertising digital currency tasks have not been specified by law.
“However, when a celebrity advertises, dependent on the unique situation, they can be regarded as an promoting services dealer or a carrier of promoting items. Therefore, these men and women have corresponding obligations in accordance to the provisions of the law,” stated attorney Phan Vu Tuan.
According to Mr. Tuan, factors b, c, clause two, Article 13 of the Law on Advertising 2012 stipulate that advertisers are obliged to verify paperwork linked to promoting disorders of organizations, men and women, items, items, services to market. At the very same time, This individual is accountable for the advertised merchandise performed immediately by me.
“However, in all scenarios, as soon as they have carried out promoting actions, these men and women are not permitted to carry out prohibited acts in promoting actions. Specifically, the act of promoting falsely or leading to confusion about the small business potential, potential to offer items, items and solutions of organizations and men and women trading items, items and solutions. Venerable Phan Vu Tuan Tra stated.
If traders reduce cash due to fraud by task owners, they will be protected by law
In addition, investment in cryptocurrency and GameFi tasks is common, participants require to comply with investment disorders and rules and anticipate hazards, if any. Lawyer Tuan stated that if traders reduce cash due to the fault of the task proprietor, there are indications of fraud, they will be protected by law.
Accordingly, celebrities who introduce and advertise infringing tasks need to also be held accountable to the law. The greatest penalty frame for men and women who commit fraudulent promoting can be up to a hundred million VND or non-custodial reform for up to three many years.
Before that, some nations have tightened rules on celebrity economic promoting. Follow Bloomberg, on November eight, 2021, The China Securities Regulatory Commission (CSRC) has sent a discover to economic providers, saying that these companies are not permitted to retain the services of celebrities to market and entice new consumers. According to the over discover, calling for investment via dwell streaming video is also prohibited.
Lawyer Phan Vu Tuan proposed The law requirements to have clearer legal provisions, possibly look at banning celebrities and influential men and women in society from advertising in the discipline of cryptocurrencies.
“If any celebrity violates, they can ban the broadcast or participate in the program for a certain period of time, in accordance with the law and related codes of conduct,” attorney Tuan shared.
A fantastic instance of the consequences of bad high-quality game promoting: ZUKI token of the game Zuki Moba by streamer Virus Advertising is regularly depreciating. The task has lots of uncommon indications this kind of as a hundred% Chinese video games, not locking 95% of tokens, roadmap editing.
According to information from CoinMarketCap, the ZUKI token is possessing a selling price $.053. Compared to the peak reached at the finish of November, the token has dropped much more than 17 occasions. If participating in the task in accordance to the milestone of VirusSs supplied, the investor has been divided about six occasions.