Despite the expansion of the adoption of digital currencies in different countries, we still see prohibitions such as the order to remove crypto ads by the Formula 1 teams from the French government.

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The popularity of digital currencies, especially Bitcoin (BTC), is increasing. However, the authorities of some countries have still set strict regulations regarding direct advertising in the field of cryptocurrency. France can be mentioned among these countries.

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Removal of crypto ads in F1 races

According to RacingNews365’s Dieter Rencken, France’s long-standing regulations on advertising certain products have forced Formula 1 teams to hide cryptocurrency-related branding during the French Grand Prix on July 24. .

In most of the banners of the teams participating in the French F1 Grand Prix, we see extensive crypto advertisements. Two of these teams work directly with cryptocurrency-related companies. Some teams have also signed with more than one crypto partner.

Removal of crypto ads by Formula 1 teams;  Is this the result of a bear market?

For example, the Alfa Romeo team is working with cryptocurrency lender Vauld as well as meme coin Floki Inu. Red Bull is also cooperating with Tezos network and Bybit digital currency exchange. Tezos is also a colleague of the McLaren team. The spokesperson of the exchange, which currently has a partnership with F1 and Aston Martin, stated in this regard: has decided not to use its trademark rights for this tournament. The exchange will remain F1’s global partner and we expect these rights to be used in other ways in future races. This also applies to the exchange’s partnership with Aston Martin.

The Romanian company CryptoDATA is responsible for the sponsorship of the Austrian Grand Prix. It should be noted that in addition to France, crypto advertising in Hong Kong is also under strict legal supervision. Earlier we saw a $50,000 fine for an unlicensed crypto business by the Hong Kong government. According to Hong Kong law, entities that do not have a legal license are sentenced to pay a fine of 50,000 dollars or six months in prison for money laundering.

In April, Irish campaign watchdog Watchdog announced plans to overhaul its digital asset watchdog regulations in response to an increase in cryptocurrency ads, particularly by Floki Ino.

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Source: finbold

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