Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation banning the advertising of crypto projects to young people.
According to a Jan. 25 Bloomberg report, Makhlouf said before the Committee on Finance, Public Expenditure and Reform and Taoiseach that there was an “uncomfortable” level of crypto advertising targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as “unsupported” assets and suggested lawmakers “find a way” to ban related advertising.
Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets, or MiCA, framework as one of the central bank’s milestones for 2023. EU policymakers have postponed a final vote on the crypto framework to April.
Read Governor Makhlouf’s opening statement at today’s committee here – https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq
— Central Bank of Ireland (@centralbank_ie) January 25, 2023
The Bank of Ireland issued a March 2022 warning about the risks surrounding crypto investments, labeling many advertisements as misleading – “particularly on social media, where influencers are paid to advertise crypto assets.” Makhlouf has also previously criticized investing in crypto, saying that people should be “prepared to lose all their money”.
Related: Central Bank of Ireland nixes crypto funds: too difficult ‘for a private investor’
Authorities in other jurisdictions have targeted crypto-linked advertising both online and in the physical world. The United Kingdom’s Advertising Standards Authority cracked down on many advertisements in 2022, including those from marketing campaigns by Coinbase, Kraken, and eToro. In the United States, the Securities and Exchange Commission settled with celebrity Kim Kardashian for a $1.26 million settlement over a story on her Instagram account promoting the EthereumMax (EMAX) token.