The UK’s financial market supervisor, the Financial Conduct Authority (FCA ), announced on Monday that all local and overseas crypto companies marketing to UK consumers must comply with the country’s upcoming new financial promotions regime.
The financial market watchdog ordered cryptic companies to prepare for the upcoming rules. The regulator also warned of “robust action” for the promotional rules breaches, which will include takedowns of websites that are in violation, issuing public warnings, and enforcement action.
“Acting now will help ensure they can continue to legally promote to UK consumers. We encourage firms to take all necessary advice as part of their preparations,” the FCA stated.
The UK initially proposed to bring legislation around the promotions of specific crypto assets within the FCA’s remit with a consultation response published in January 2022. The UK government issued a consecutive policy statement on 1 February 2023 on its approach to crypto asset financial promotions regulation
