Date: 08 June, 2023
FCA imposes stringent regulations on the promotion of crypto assets.
Starting from October 8, 2023, the FCA has unveiled fresh advertising regulations, requiring those promoting cryptoassets to UK consumers to implement an initial investor cooling-off period.
As a part of a comprehensive set of measures aimed at enhancing understanding of the risks associated with crypto purchases, the FCA has announced the prohibition of ‘refer a friend’ bonuses. These new regulations mandate crypto companies to verify that individuals possess the requisite knowledge and experience for crypto investments. Additionally, those involved in crypto promotion must include explicit risk warnings and ensure that their advertisements are transparent, equitable, and free from any form of deception.
The FCA’s rules align with government legislation designed to subject crypto promotions to the authority’s oversight.
Sheldon Mills, the Executive Director responsible for Consumers and Competition, stated:
“While the decision to purchase crypto ultimately rests with individuals, research indicates that many individuals regret making impulsive choices. Our regulations grant people the necessary time and provide them with essential risk warnings to enable them to make well-informed decisions.
However, it is crucial for consumers to remain mindful that the crypto market remains predominantly unregulated and carries a substantial level of risk. Those who choose to invest must be ready to face the possibility of losing their entire investment.”
“The cryptocurrency sector should begin preparations promptly for this substantial shift. We are currently developing supplementary guidance to assist them in aligning with our requirements.”
These new regulations are being implemented at a time when research conducted by the FCA demonstrates a significant increase in estimated crypto ownership, which has more than doubled from 2021 to 2022. According to the survey of 2,000 individuals, 10% of respondents reported that they now possess cryptocurrency.
The approach adopted in regulating crypto promotion aligns with the FCA’s rules established last year to combat deceptive advertising of high-risk investments. Furthermore, it upholds the FCA’s three primary objectives outlined in its 2023/24 business plan: reducing and preventing substantial harm, establishing and evaluating elevated standards, and fostering competition and beneficial transformations.
Additionally, the FCA is in the process of soliciting input on supplementary guidelines that articulate the expectations for firms advertising crypto to the UK audience. Stakeholders interested in contributing to this discussion have until August 10 to provide their input.
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References:
https://www.fnlondon.com/articles/fca-to-ban-crypto-referral-bonuses-under-new-advertising-rules-20230608
https://www.retailbankerinternational.com/news/fca-cracks-down-on-crypto-marketing/