The Board of Control for Cricket in India (BCCI) has banned cryptocurrency advertising and sponsorships in the Women’s Premier League, according to Planet Sport on Feb. 14. The BCCI sent a 68-page advisory to the league teams, outlining what couldn’t be advertised. Cryptocurrencies were included in the list, along with the gambling and tobacco industries. The move follows a ban on crypto advertising in the men’s cricket Premier League, introduced in 2022. The Indian Premier League had previously worked with two local crypto exchanges, but these businesses withdrew from advertising in 2022 due to concerns over responsibility.
India’s Tough Stance on Cryptocurrencies
In 2022, India introduced two laws that required crippling taxes on crypto-related gains and transactions. Citizens were required to pay a 30% tax on crypto gains. This move affected an estimated 115 million cryptocurrency investors in India. Investors had hoped for a shift in the regulatory framework in 2023 to ease the pressure on the crypto sector. However, the country’s finance minister, Nirmala Sitharaman, believes in a global regulatory framework for crypto. Therefore, the Indian crypto regulatory regime is unlikely to shift autonomously.
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Global Crypto Ad Restrictions
Crypto advertising has become a contentious issue for regulators and enforcement agencies worldwide, following several failures and bankruptcies of large platforms. In the United Kingdom, new advertising rules could lead to executives of crypto firms facing up to two years in prison for failing to meet certain promotion requirements.
India’s recent ban on crypto advertising and sponsorships in the Women’s Premier League comes after a similar ban was imposed on the men’s cricket Premier League in 2022. Two local crypto exchanges previously worked with the Indian Premier League, but withdrew from advertising due to responsibility concerns. These moves follow India’s introduction of two laws in 2022, imposing crippling taxes on crypto-related gains and transactions. However, despite investors’ hopes for regulatory change in 2023, the country’s finance minister prefers a global regulatory framework on crypto.
