The UK’s Financial Conduct Authority (FCA) has implemented new rules for companies advertising cryptoassets, aiming to protect consumers and ensure informed decision-making. These rules include a cooling-off period for first-time investors and a ban on “refer a friend” bonuses. The FCA is also consulting on additional guidance for the crypto industry.
Facts
- The FCA has introduced new rules for companies advertising crypto assets in the UK.
- Starting from 8 October, a cooling-off period will be required for first-time investors in crypto assets.
- “Refer a friend” bonuses will be banned as a part of the new rules.
- The UK government legislation has brought crypto promotions into the FCA’s regulatory oversight.
- The aim is to ensure that crypto firms provide clear risk warnings without misleading investors.
- The FCA is consulting on additional guidance to help the crypto industry meet its expectations.
- Companies have until 10 August to respond to the FCA’s consultation.
