The UK’s financial watchdog has revealed a proposal for new crypto advertising rules in the country, and it has some stiff penalties for anyone caught in violation.
revealed that if the proposed"Financial promotions regime" is approved by Parliament, all crypto firms in the country and overseas would have to follow certain requirements when advertising their crypto services to U.K. customers.
"Acting now will help ensure they can continue to legally promote to U.K. consumers. We encourage firms to take all necessary advice as part of their preparations," it added., crypto firms would need to either have authorization from the FCA to advertise their services or have an exemption under the Financial Promotion Order.
that authorized firms will need to pass through in order to approve financial promotions for unauthorized persons.The promotion otherwise complies with the conditions of an exemption in the Financial Promotion Order. "We will take robust action where we see firms promoting cryptoassets to UK consumers in breach of the requirements of the financial promotions regime," the FCA said.Other than potential prison time for its execs, firms caught violating the new regime could face having their website taken down, public warnings, and other enforcement actions.
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