The UK Financial Services Authority (FCA) warned cryptocurrency companies about upcoming regulations.
FCA, From 8 October Cryptocurrency by reminding the rules that will apply to companies net in a warning found. In the statement made by the regulatory body, it was stated that many cryptocurrency companies still refuse to interact with the FCA. In the details of the statement More than 150 cryptocurrency companies only among 24 of them responded to the presented survey. emphasized.
The FCA said the lack of participation raises serious non-compliance concerns:
Despite our best efforts, only 24 companies responded to a survey sent to more than 150 companies. The lack of participation raises serious concerns about whether unregistered firms are prepared to comply with the new regime.
decided by the FCA and October 8, 2023Within the scope of the new rules that will come into effect in, cryptocurrencies “limited mass investment” will be classified as and any advert or promotion’s “clear risk warnings” will need to include.
On the other hand, many cryptocurrency exchanges frequently use and distribute rewards.invite your friend and win” campaigns will be completely banned. In addition, users who will invest in the cryptocurrency sector for the first time are also given a notice by the exchanges. “cooldown” will be recognized. Thanks to this step, investors will not making hasty decisions And better understand the risks will be provided.
In addition, crypto money companies operating without complying with these new regulations will be subject to penalties, including imprisonment. Deterrent penalties will be applied.