The British financial regulator is tightening the marketing rules for cryptocurrencies.
(Photo: dpa)
London The British financial regulator Financial Conduct Authority (FCA) will tighten the rules for trading in crypto products from October. After opening a crypto custody account, private individuals have to wait 24 hours before they can start trading the digital financial products. In addition, there will no longer be any bonus payments for recommending crypto providers to friends.
Cryptocurrencies are digitally generated financial assets where each transaction is recorded in a decentralized database.
The new rules apply to all crypto products traded in the UK, even if they are offered by foreign providers. The non-fungible tokens (NFTs) are still exempt from the new regulations.
Trading and ownership of crypto products has increased significantly in the UK. According to a representative survey by the FCA, ten percent of those surveyed stated that they already own a crypto product. Nationwide, that’s about five million Britons.
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