Gabriel Makhlouf, the Governor of the Central Bank of Ireland, is said to support legislation banning the advertising of crypto projects to young people.
According to a January 25 report from Bloomberg, Makhlouf said before the Finance, Public Expenditure and Reform Committee and Taoiseach there was an “uncomfortable” level of crypto ads targeting young adults. The central bank governor reportedly called many cryptocurrencies “unsecured” assets and suggested lawmakers “find a way” to ban related ads.
Makhlouf cited the implementation of the European Union Crypto Asset Markets Framework, or MiCA, as one of the central bank’s milestones for 2023. EU policymakers have postponed a final vote on the crypto framework to april.
— Central Bank of Ireland (@centralbank_ie) January 25, 2023
Central Bank of Ireland issued a warning in March 2022 on the risks of crypto investments, calling many advertisements misleading — “particularly on social media, where influencers are paid to advertise crypto assets.” Makhlouf has also previously investments criticized in cryptosaying that people should be “prepared to lose all their money”.
Authorities in other jurisdictions have also targeted crypto-related advertisements both online and in the physical world. UK Advertising Standards Authority suppressed many advertisements in 2022, including those that are part of Coinbase, Kraken, and eToro marketing campaigns. In the United States, the Securities and Exchange Commission arranged a $1.26 million settlement with celebrity Kim Kardashian on a story on her Instagram account promoting the EthereumMax (EMAX) token.