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Ireland’s central bank governor calls for ban on crypto ads to young adults: report

Gabriel Makhlouf, the governor of the Central Bank of Ireland, is reportedly backing legislation that would ban the promotion of crypto projects to young people.

According to a Jan. 25 report by Bloomberg, Makhlouf told the Finance, Public Expenditure and Reform Committee that there was an “uncomfortable” level of crypto ads targeting young adults. The central bank governor reportedly labeled many cryptocurrencies as “unsecured” assets and suggested lawmakers “find a way” to ban related ads.

Makhlouf cited the implementation of the European Union’s framework for markets in crypto assets, or MiCA, as one of the central bank’s milestones for 2023. EU policymakers have postponed a final vote on the crypto framework until April.

Read Governor Makhlouf’s opening remarks to today’s committee here – https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq

— Central Bank of Ireland (@centralbank_ie) January 25, 2023

The Central Bank of Ireland warned in March 2022 about the risks of crypto investing, calling many ads misleading — “particularly on social media, where influencers are paid to promote crypto assets.” Makhlouf has also previously criticized investing in crypto, saying people should “be ready to lose all their money.”

Related: Central Bank of Ireland blocks crypto funds: Too difficult “for a retail investor”

Authorities in other jurisdictions have also targeted crypto-linked advertising both online and in the physical world. The UK Advertising Standards Authority cracked down on many ads in 2022, including those that were part of Coinbase, Kraken and eToro marketing campaigns. In the United States, the Securities and Exchange Commission arranged a $1.26 million settlement with the famous Kim Kardashian over a story on her Instagram account promoting the token EthereumMax (EMAX).

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