South Africa: Announced expansion of Code of Advertising Practice including crypto regulation

On 23 January 2023, the South African Advertising Regulatory Board (ARB) announced it was broadening the scope of its "Code of Advertising Practice" (ARB Code). In particular, the ARB Code introduces new regulations for advertisements of crypto assets. In particular, the updated ARB Code notes that advertisements have to expressly and clearly state that investing in crypto assets may result in the loss of capital. Furthermore, crypto advertisements must be easily understandable for their target audience and provide a balanced message about returns, features, benefits and risks. Finally, "influencers" or "ambassadors" promoting crypto assets are prohibited from offering advice on trading or investing in crypto assets and may not promise benefits or returns.