Gabriel Makhlouf, the Governor of the Central Bank of Ireland, reportedly supports legislation that would ban advertising crypto projects to young people.
According to a January 25 Bloomberg report, Makhlouf saying before the Committee on Finance, Public Expenditure and Reform, and Taoiseach, there was an "uncomfortable" level of crypto ads targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as "unbacked" assets and suggested lawmakers "find a way" to ban related ads.
makhlouf aforementioned the implementation of the European Union Markets for Crypto Assets framework, or MiCA, as one of the central bank's milestones by 2023. EU lawmakers have delayed a final vote in the crypto framework until April.
Read Governor Makhlouf's opening statement at the Committee today here:https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq
โ Central Bank of Ireland (@centralbank_ie) January 25, 2023
central bank of ireland issued a warning in March 2022 about the risks around crypto investing, referring to many ads as misleading, โparticularly on social media, where influencers are paid to advertise crypto assets.โ Makhlouf has also criticized investments in cryptocurrenciessaying that people should be "prepared to lose all their money".
Related: Central Bank of Ireland Rejects Crypto Funds: Too Difficult "For A Retail Investor"
Authorities in other jurisdictions have also targeted crypto advertisements both online and in the physical world. UK Advertising Standards Authority cracked down on many ads in 2022, including those that are part of the marketing campaigns of Coinbase, Kraken and eToro. In the United States, the Securities and Exchange Commission arranged a $1.26 million settlement with celebrity Kim Kardashian about a story on her Instagram account promoting the EthereumMax (EMAX) token.
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