Advertising “cryptoassests” the right way - lessons from the Arsenal ASA ruling
Cryptoassets (including Fan Tokens, digital currencies) have enjoyed an enormous surge in popularity over the past 12 months, which has given rise to both caution and intrigue in equal measure. It is now increasingly difficult to avoid encountering brands associated with cryptoassets, not least in sport. Almost every major sporting event now has, at the very least, dipped a toe into the (some will say, shark-infested) crypto-waters.
Recently, Advertising Standards Agency, upheld complaint made against Arsenal Football Club, regarding adverts promoting its ‘fan tokens’ developed with commercial partner, Socios.[1]
This article, examines the Arsenal ruling against the broader legal and regulatory landscape and highlights key points clubs and other sports organisations should be aware of when entering into sponsorship agreements involving crypoassets.
Article Outline
- Defining Cryptoassests
- Advertising and promotional rules
- Arsenal Football Club - ASA Ruling
- The importance of responsible advertising
- The risks to the more vulnerable associated with cryptoassets
- Did the ASA ruling overreach?
- The current (and planned) legal framework
- Wrestling with the public perception of cryptoassets
- The concept of digital ‘currencies’
- Loot boxes
- The importance of community engagement.
- Cryptoasset enthusiasts
- Lessons from the past
- Building a ‘fit-for-purpose’ advertising strategy
- What does the future hold?
To continue reading or watching login or register here
Already a member? Sign in
Get access to all of the expert analysis and commentary at LawInSport including articles, webinars, conference videos and podcast transcripts. Find out more here.
- Tags: Advertising | Bitcoin | Commercial Law | Crypto | Dispute Resolution | Fan Tokens | NFTs | Regulation | Sponsorship | UK
Related Articles
- The Legal Recognition Of Non-Fungible Tokens (NFTs) In India
- Cultivating Culture Through Commoditisation: Why NFTs Present An Unparalleled Opportunity For The Sports Sector
- Fan Tokens And The Sport Industry: Key Legal And Commercial Risks
- Bitcoin Payments In Sport - The Opportunities And Risks For Clubs And Players
- LawInSport Roundtable: The Key Legal Themes On NFTs In Sport
Written by
Matt Santer
Matt Santer is an Associate at DLA Piper.
He advises clients across the sports, entertainment and technology sectors and has extensive experience in noncontentious sporting, media, digital and entertainment matters.
Matt provides commercial and regulatory advice to global sporting events, sports governing bodies, sporting brands and media agencies.
He regularly advises on a wide range of commercial arrangements, including agreements relating to suppliers, sponsors, brand partners, intellectual property, data protection, advertising regulation, broadcasting and content production.
Matt is currently seconded to The All England Lawn Tennis Club (Wimbledon), advising on a wide range of commercial and intellectual property matters, as well as in relation to its ticketing integrity program throughout the course of The Championships.
He also advises London Marathon Events across all departments of the businesses, particularly in relation to their commercial operations. This includes advising on and drafting all documents related to their live sporting events, virtual events, brand and charity partners, social media campaigns and partners, data protection arrangements, event and brand acquisitions and headline sponsorship agreements.
Matt drafted and negotiated commercial agreements for UEFA in relation to the EURO 2020, including in respect of its hospitality and concessions operations for the tournament. Matt also regularly carries out commercial work for the World Marathon Majors, which has included drafting agreements in relation to technology suppliers and its other partners, as well as its participation, data protection and membership agreements.
