United Kingdom: Implemented Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023

On 8 June 2023, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023, adopted by the United Kingdom Treasury, entered into force. The Order amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) and expands the UK financial promotion regime to cover "qualifying cryptoassets", placing them under the Financial Conduct Authority (FCA) rules. The Financial Services and Markets Act 2000 prohibits unauthorised investment activity promotions and mandates compliance with FCA's Principles for Business and Conduct of Business Sourcebooks. The Order introduces "qualifying cryptoassets" as a new controlled investment to address concerns about cryptoasset marketing and promote a better understanding of investment risks. Finally, it aims to hold cryptoassets promotion to the same standards as other financial services.