United Kingdom: Opened Consultation on Financial Promotion Rules for Cryptoassets
Description
Opened Consultation on Financial Promotion Rules for Cryptoassets
On 8 June 2023, the UK Financial Conduct Authority (FCA) opened a consultation for stakeholders to provide feedback on its new advertising rules for crypto assets until 10 August 2023. The new rules aim to regulate how cryptoassets can be promoted to UK consumers, and reduce and prevent potential harm to consumers from investing in cryptoassets. The new rules would allow cryptoassets to be mass marketed to UK consumers subject to certain restrictions, including clear risk warnings, banning incentives to invest, positive frictions, client categorisation requirements and appropriateness assessments.
Original sourceScope
Policy Area
Consumer protection
Policy Instrument
Fair marketing and advertising practice requirement
Regulated Economic Activity
online advertising provider, digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body
Complete timeline of this policy change
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2021-07-20
in consultation
2021-10-26
processing consultation
2022-01-18
under deliberation
2022-01-19
in consultation
2022-03-23
processing consultation
2023-06-08
in consultation
2023-07-04
adopted
2023-08-10
processing consultation