UK financial watchdog could give crypto firms until January 2024 for marketing compliance
The United Kingdom’s Financial Conduct Authority, or FCA, has reiterated its warning for all crypto asset firms marketing to users in the country to be in compliance with rules going into effect in October 2023, but added companies could have “more time to implement certain changes”.
In a Sept. 7 notice, the FCA said crypto firms operating in the U.K. could have until January 8, 2024 to address technical issues related to its financial promotions regime if granted approval. The financial watchdog announced the rules aimed at curbing aggressive marketing by crypto firms in June, saying that companies would have to provide “clear, fair and not misleading” ads or risk criminal charges.
“Crypto firms must market to UK consumers clearly, fairly and honestly,” said FCA consumer investments director Lucy Castledine. “They must provide risk warnings people understand. As a proportionate regulator, we’re giving firms that apply a little more time to get the other reforms requiring technology and business change right.”
From 8 October 2023, #crypto firms must market to UK consumers clearly, fairly and honestly, and must also provide risk warnings people understand. https://t.co/cqxj1jVtAT
According to the financial watchdog, promotions falling under the compliance regime included “websites, mobile apps, social media posts and online advertising,” which were “capable of having an effect in the UK” and not limited to firms based in the country. The FCA suggested that it could pursue “robust action” against firms including adding company names to a warning list and requesting removal of social media accounts and websites.
Related: UK’s Travel Rule comes into effect, could halt certain crypto transfers
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