Indian cricket regulator bans teams from partnering with crypto companies
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Answer Indian cricket regulator bans teams from partnering with crypto companies
The Regulatory Board of Cricket in India (BCCI) has directed that franchises in the world’s richest cricket league, the Indian Premier League (IPL), refrain from partnering with cryptocurrency platforms and companies in any way.
According According to the Economic Times of India, the BCCI position on the fact that the emerging asset class is not regulated in the country is confirmed, with the watchdog committed to maintaining the ban until the government changes its stance on cryptocurrencies.
According to the Economic Times report, some cricket teams have received interest from cryptocurrency exchanges to be their sponsors ahead of the next season of the T20 Cricket League.
But from the directives of “BCCI” two different teams were forced to cancel the deal with crypto companies, describing the latest development as a great loss.Read:ProShares announces first Bitcoin-linked ETF in the US
One of the executives said:
It is a loss of a great opportunity.
The kind of money they were offering for primary care was 1.5 times what the current sponsor is paying.
They wanted to build their brand through our association and were willing to pay for it.
While the deal with cryptocurrency exchanges often includes targeted advertisements to millions of Indian cricket fans at home and abroad, insiders say the ban has halted important partnerships.
Different countries around the world have their own model for dealing with developments related to cryptocurrency.
It has become common to see sports teams sign sponsorship deals with crypto-focused entities as in the case of PSV Eindhoven’s sponsorship deal with Total Payments and Italy’s Lazio with Binance.
Different regulators have different approaches to cracking down on the dominance of crypto-related advertising.Read:Ripple hires a senior Uber executive to expand into Southeast Asia
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