India is known for its cricket craze and the Indian Premier League (IPL), the richest cricket league in the world. The relation of cricket with the crypto industry is that the Board of Control for Cricket in India (BCCI) has barred IPL Franchises from any association with crypto-related companies.
BCCI recently issued a directive to all the IPL teams, restricting them from signing any sponsorship agreement with crypto exchange firms. As per the report in ET, two out of ten teams had already signed their deals and called it a major loss.
The lack of regulation in the crypto market is the primary reason for the BCCI’s decision to prohibit crypto marketing during the IPL. The Indian cricket board has stated that the direction will be followed till the government passes clear legislation. The decision comes as the Indian crypto bill about banning “private crypto” is set to be debated at the upcoming winter session of parliament.
IPL Teams unhappy with new directives
The IPL teams were unhappy with the BCCI’s recent direction, pointing out that ICC events are not affected in the same way. Notably, the ICC and two major Indian crypto exchanges have agreed to a contract worth INR 50 crore for advertisement spaces.
The IPL is the most prominent sports league in a cricket-crazed country where many big businesses invest billions for advertisement slots. Crypto firms dominated the recently concluded ICC T20 tournament, securing plenty of advertisement slots. Throughout the tournament, CoinSwitch Kuber and CoinDCX run numerous advertisements, generating a lot of buzz and curiosity among the general public.
The Indian government is working fast to regulate the crypto market in the country. Recently, as TheCoinRise reported, the Indian exchange giant WazirX app crashed due to a sudden panic sell-off.
Investors all around the world are curious to see what Indian regulators do with the crypto industry in a country that has the largest number of investors in the world.
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