The UK Advertising Standards Authority has advised UEFA Champions League football clubs to refrain from misleading fan token advertising.
Top football clubs in the UEFA Champions League particular Arsenal FC have received a warning from the UK Advertising Standards Authority (ASA) for promoting their non-fungible fan tokens during the 2022 Champions League.
“We have advised Arsenal Football Club to ensure that they clearly state in the promotional message the variable value of the investment in prepaid fan tokens, and that this asset class is not regulated as cryptocurrencies,” the ASA said in a statement.
The regulator believes that football clubs do not take into account the risks associated with fan tokens and trading in unregulated crypto assets. The ASA has a negative attitude towards any advertising activity that involves investing in digital assets without explicitly stating the possible negative consequences.
As a result, the ASA will require football clubs to supplement their ads with a warning about the risks of investing in fan tokens or immediately remove misleading advertisements.
Recently, Hector Network has announced a sponsorship agreement with the leading Bundesliga football club Borrusia Dortmund. The company plans to provide platform users with the opportunity to participate in special events for FC Borrusia fans, as well as hold regular ticket draws for matches of the 2022/2023 season.
Source: Bits
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