By George Ward
Once again, Indian authorities have exhibited their strict position on cryptocurrencies by implementing a proactive prohibition on crypto sponsorships and advertisements in the domestic women’s cricket league. The Board of Control for Cricket in India (BCCI) has prohibited women’s cricket teams from signing commercial ties with crypto businesses after having already enforced a similar ban on the men’s cricket team.
BCCI Bans Women Cricket Team From Partnering With Crypto Firms
According to reports, the BCCI issued a detailed notice to the teams participating in the Women’s Premier League, outlining the activities that are prohibited from being advertised. The BCCI explicitly mentioned cryptocurrencies alongside the tobacco and gambling industries in the document.
“It is prohibited for any franchisee to form a partnership or any type of association with an organization or establishment that is connected or related in any way to an entity that operates directly or indirectly in the crypto sector,” the document read.
This news comes after introducing a ban on crypto ads at the men’s Cricket League last year. Before the ban, the Indian Premier League partnered with at least two domestic crypto exchanges, CoinDCX, and CoinSwitch Kuber.
Interestingly, the crypto firms chose not to release any advertisements in the Premier League in March 2022 due to concerns about their responsibility. Meanwhile, India is home to approximately 115 million cryptocurrency investors.
Last year, the country imposed exorbitant taxes on unrealized crypto-related gains and transactions, requiring citizens to pay a tax of 30% on their unrealized cryptocurrency gains. Indian crypto exchanges observed a significant decline in trading volumes after the introduction of this crypto tax law.
Indian Crypto Investors Turn To Offshore Exchanges
According to on-chain data, trading volumes on Indian-based crypto platforms declined by an average of 56.8%. Investors turned to offshore exchanges to mitigate their losses from the severe taxes.
Despite this, Nirmala Sitharaman, the finance minister of India, acknowledged the negative response and expressed plans to carefully review the changes to crypto-related taxes. Investors in the crypto sector had hoped for a respite this year, but the 2023 national budget failed to deliver any changes that would ease the pressure on the industry.
Amid a string of bankruptcies and failures of major platforms, advertising for cryptocurrencies has garnered significant attention from enforcement agencies and global regulators. Meanwhile, crypto firm executives in the United Kingdom could be sentenced to about two years in prison if they do not meet specific advertising rules under newly proposed regulations.