The British Financial Conduct Authority is yet to make a decision about crypto asset marketing rules.
The UK's Financial Conduct Authority (FCA) is implementing tougher measures to control the advertisement of high-risk financial products, including peer-to-peer platforms (P2P), non-mainstream pooled investments, and speculative illiquid securities.
At the core of these regulations is the rule to provide risk warnings and ban “refer a friend bonuses”.
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According to a press release posted on the official FCA webpage, these regulations are yet to be applied to crypto asset promotions.
This does not mean that FCA is not going to impose any rules on regulating crypto-related advertisements. The press release notes that the institution is waiting for the government and parliament to make a decision on “how crypto marketing will be brought into the FCA's remit”.
After receiving these guidelines, FCA will overview and announce the final rules for crypto asset promotion. The authority also notes that the imposed restrictions are likely to remain of similar nature, to the ones of high-risk investments. FCA highlights that when people are investing in crypto they should be aware of the possibility of losing all of their money.
In the statement, Executive Director Sara Prichard was quoted:
We want people to be able to invest with confidence, understand the risks involved, and get the investments that are right for them which reflect their appetite for risk.
The UK is taking great measures to assure the successful integration of cryptocurrencies and digital assets. On July 28th, the Law Commission of England and Wales announced the reviewing of the cryptocurrency and digital asset regulation laws.
In other news, back in May, The United Kingdom’s Department of Treasury gave the green light to approve stablecoins as a legal method of payment in Britain.
