- Ethically, influencers should really transparently disclose if they have a financial stake in a cryptocurrency or token that they are promoting, according to Atty. Marian Vanslembrouck.
- Vanslembrouck also emphasized the need for influencers to avoid overhyping statements that could potentially attract the public to invest.
- It is also important for them to present facts accurately, especially if there’s some sort of financial interest an influencer has.
Though there is no law that requires them to do so, influencers and content creators should disclose sponsored content, the tokens given to them, or even the crypto projects they are associated with, according to former Enjin Legal Counsel Atty. Marian Vanslembrouck. She stressed this during the 22nd edition of the BitPinas Webcast, which focused on discussing “Crypto Hype and Influencer Ethics.”
“If you think about it, ethically, if you are an influencer, you should really transparently disclose if you have a financial stake in the cryptocurrency or token that you are promoting.”Marian Vanslembrouck, Lawyer
This includes tokens that were gifted to them by the companies they promoted, or even any financial relationships from any project in the crypto and web3 space.
Moreover, Vanslembrouck also emphasized the need for influencers to be transparent with their audience, adding they should avoid overhyping statements that could potentially attract the public to invest.
“I talked about transparency and how important it is to present facts accurately and to avoid any misrepresentation or misleading statements, especially for investors. So definitely, if there’s some sort of financial interest an influencer has, he should definitely disclose.”Marian Vanslembrouck, Lawyer
The BitPinas Webcast 22 With Atty. Marian Vanslembrouck
During the Webcast, Vanslembrouck reminded the crypto influencers and content creators that saying “do your own research” and “not financial advice” will not save them from being liable if the project they promote fails.
Aside from this, the lawyer also warned against using emojis such as the rocket icon, the money bag icon, the dollar sign, or the stock chart showing the top going up, as emojis could hype things up and attract more people to invest.
Lastly, Vanslembrouck emphasized the fact that personal knowledge will be investors’ greatest weapon to avoid falling into scams and fraudulent projects.
This article is published on BitPinas: Ethically, Crypto Influencers Should Disclose Sponsored Content, Lawyer Emphasizes
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