United Kingdom: Government response to consultation on application of financial promotion order to cryptocurrencies
Description
Government response to consultation on application of financial promotion order to cryptocurrencies
On 18 January 2022, the UK Treasury published the results of its cryptoasset promotion consultation, which was closed on 26 October 2020. The response announced that the government will introduce a newly defined category of "qualifying cryptoassets", extending the restriction of financial promotions to this category. Financial promotions of "qualifying cryptoassets" will have to be made or approved by a UK person authorised by the Prudential Regulation Authority or the Financial Conduct Authority. To implement this change, the Financial Conduct Authority will update its rules and a transitionary period of six months will be provided.
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
central government
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