The UK’s Financial Conduct Authority (FCA) issued 146 alerts in the first 24 hours of its new cryptoasset promotion regulations.
Facts
- The FCA implemented new rules on cryptoasset promotions on October 8, as per policy statement 23/6.
- The regulations apply to all UK businesses, trade bodies, overseas firms, and unregistered entities promoting cryptoassets in the UK.
- Firms are required to promote cryptoassets clearly, avoid misleading consumers, and provide risk warnings and appropriateness assessments.
- The FCA expressed concerns about the readiness of unregistered overseas cryptoasset firms to comply with the new regime.
- The FCA made these changes to enhance the safety and standards of financial services in the UK in response to consumer concerns.
