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United Kingdom’s FCA Issues Rules for Financial Product Ads

United Kingdom’s FCA Issues Rules for Financial Product Ads

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The UK’s Financial Conduct Authority has yet to make a decision on the marketing rules for cryptoassets.

The UK’s Financial Conduct Authority (FCA) is implementing stricter measures to control the advertising of risky financial productsincluding peer-to-peer (P2P) platforms, non-mainstream pooled investments and speculative illiquid securities.

At the core of these provisions is a rule provides risk warnings and prohibits “refer a friend” bonuses.

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According to a Press release The rules published on the FCA’s official website are not yet applicable to crypto asset promotions.

This does not mean that the FCA is not going to set rules to regulate crypto-themed ads. The press release states that the institution is waiting for the decision of the government and the parliament “how to bring cryptomarketing under the FCA’s remit”.

After receiving these instructions, The FCA will review and publish final rules for the promotion of crypto assets. The authority also points out that the imposed restrictions will probably remain similar in nature to the restrictions on high-risk investments. The FCA emphasizes that when people invest in crypto, they they should be aware of the possibility of losing all their money.

In a statement, Executive Director Sara Prichard was quoted as saying:

We want people to be able to invest with confidence, understand the associated risks and get suitable investments that reflect their risk appetite.

The UK is taking major steps to ensure the successful integration of cryptocurrencies and digital assets. 28 July Law Commission for England and Wales announced reviewing cryptocurrency and digital asset regulation laws.

Other news, May, UK Treasury gave the green light accept stablecoins as legal tender in Britain.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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