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On March 30th, it was reported that on March 28th, Jiangsu Governor Liu Xiaotao met with Li Xiang, Chairman of Li Auto, in Changzhou. Liu Xiaotao stated that he hopes Li Auto will leverage its advantages as a leading enterprise, strengthen its independent R&D in automotive-grade chips and core components, deepen cooperation with upstream and downstream industries in Jiangsus industrial chain, and jointly build an internationally advanced new energy vehicle industrial cluster. He added that Jiangsu will continue to provide high-quality services and grow together with the company. Li Xiang introduced the companys development layout and future plans in Jiangsu. He stated that in the future, the company will be guided by innovation, focusing on application scenarios to deepen industry-academia-research collaboration, accelerate the deployment of embodied intelligence, and make new contributions to Jiangsus high-quality development.S&P: However, given the increased spending on investment and economic support measures, Japans fiscal deficit is expected to widen further over the next two years.S&P: Strong income growth over the past three years has led to a faster-than-expected improvement in Japans fiscal situation.S&P affirmed Japans rating at A+/A-1 with a stable outlook.On March 30th, at a press conference held by the State Council Information Office, officials from Hainan Province introduced that Hainan, after its customs closure, is building a multi-tiered duty-free consumption system, promoting the transformation of duty-free consumption from "specific scenarios" to "daily consumption." Batel, Standing Committee Member of the Hainan Provincial Party Committee and Executive Vice Governor, stated that the goal is to make duty-free consumption more affordable. The categories of duty-free goods for offshore islands have now expanded to 47 major categories, including domestic goods such as shoes, hats, scarves, clothing, tea, coffee, and ceramics, which can now also be sold in duty-free shops.

Indian Regulatory Body SEBI Ceases “Celebrity Endorsement” for Crypto

Cory Russell

May 18, 2022 09:53

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The Securities and Exchange Board of India (SEBI) 

suggested to the Parliamentary Standing Committee on Finance last month that no notable public personalities, including celebrities and athletes, should be permitted to promote cryptocurrencies in India.


"There will be no high-profile promotion"


Although cryptocurrency has been around for years in India, it is still in its infancy in terms of regulation.


Furthermore, owing to the absence of an oversight authority, the SEBI is responsible for all legal matters and decision-making.


As a result, the regulatory authority has recommended that broad marketing of an asset class that is presently unregulated and unrecognized be avoided.


The SEBI also urged that the advertising disclosure include the potential for legal violations as a result of the widespread usage of cryptocurrency (Bitcoin, Ethereum, etc.).


"Given that crypto goods are unregulated, famous public personalities like celebrities, athletes, etc. or their voice should not be utilized for endorsement/advertisement of crypto products," a source reported SEBI as saying.


In addition, the regulatory authority recommended including a statement that "dealings in crypto goods may result in punishment for probable violations of Indian laws such as FEMA, BUDS Act, PMLA, and others."


"Since this is a risky category (VDAs), celebrities or prominent personalities who appear in such advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers," according to the original guidelines. This is why the SEBI is also looking to end the use of celebrities for crypto endorsing.

India and Bitcoin

The administration has already had run-ins with the crypto community.


However, after noting the growing popularity of cryptocurrencies in India, the Finance Ministry decided to impose a 30% tax on cryptocurrency transactions.


The decision was made without any legislation or regulatory authority.


According to reports, the country's Goods and Service Tax (GST) Council is considering levying an extra 28 percent tax on all cryptocurrency-related activity.


Although no official confirmation has been received, the country's crypto community is concerned about the future of digital assets in India.

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