Bank of Ireland Governor Calls for Ban on Crypto Ads Targeting Young Adults: Report

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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.

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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.

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”.

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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.

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