The UK’s Financial Services Authority (FCA) has revealed details on cryptocurrency promotion restrictions that will come into effect on Oct.
UK regulator, FCA, in its recent official statement, advertising restrictions on their activities declared the details. To organizations wishing to advertise in this area across the UK a tougher attitude The institution that clearly states that it will exhibit important restriction. pointed.
from 8 October Under the rules that will apply, marketing of “qualified cryptoassets” will fall under the FCA’s promotional oversight, and UK-registered crypto firms will be able to approve their own ads under a temporary exemption.
Under the new rules, cryptocurrencies “limited mass investment” shall be classified as advert or “clear risk warnings” of the promotion will need to be included. On the other hand, many crypto exchanges frequently use and distribute prizes.invite your friend and win” campaigns completely will be banned specified.
FCA also offers a bonus to first-time investors. “cooling down time” announced that it would. Thanks to this step to be taken, investors not making hasty decisions And better understanding of risks will be provided. If executives at crypto companies break these rules up to 2 years in prison they could be punished.
FCA administrator Sheldon Mills In the written statement shared by the company, it was stated that the crypto money industry should prepare for this important change:
It’s up to investors to decide whether to buy crypto or not. But research shows that many people regret making hasty decisions. Our Code gives people time and the right risk warnings to make an informed choice. The crypto industry needs to prepare for this important change now. We are working on additional guidance to help them meet our expectations.