F1 teams removed crypto-related adverts from the French Grand Prix
The cryptocurrency industry and its digital assets, such as Bitcoin (BTC), are gaining popularity. Still, some nations’ authorities are on the fence about its direct advertising to consumers, especially in France, where crypto commercials are subject to stringent laws.
France’s long-standing advertising laws compelled numerous Formula 1 teams to hide or remove crypto-related ads at the French Grand Prix on July 24.
All but two of the ten competing teams are now involved in partnerships with crypto players, with several teams having multiple partners.
The Alfa Romeo squad, for instance, has teamed with crypto lender Vauld and meme currency Floki Inu (FLOKI), and Red Bull Racing has partnered with the Tezos (XTZ) network and crypto exchange ByBit. Tezos is also a partner of McLaren.
The representative for Crypto.com, a partner of both F1 and Aston Martin, reacted to the development as follows:
Crypto.com opted not to brand this race. (…) However, it is F1’s worldwide partner, and we anticipate that these rights will be used in various ways at future races.” According to the representative, the same holds for the company’s connection with Aston Martin.
Finbold previously revealed that the Austrian Grand Prix would be sponsored by CryptoDATA Tech, a Romanian company that produces hardware and software cybersecurity solutions based on blockchain technology.
In addition to France, however, crypto advertisements are subject to stringent regulatory oversight in Hong Kong, where promoting an unregistered crypto firm is punishable by a fine of up to $50,000 or imprisonment of up to six months, according to the updated anti-money laundering statute.
In April, the Irish advertising watchdog announced plans to review the regulations governing the promotion of digital assets in response to the increased number of advertisements promoting crypto businesses such as Floki, as well as complaints about the lack of clarity in these advertisements regarding the potential risks associated with investing in cryptocurrency.