The UK Financial Conduct Authority (FCA) appears determined to tighten up rules on crypto advertising.
In an announcement on June 8, the FCA said that from October 8, advertisements for crypto services in the UK will be subject to stricter regulations. The Observer has mandated that crypto companies in the UK apply a cooldown period for the first time on behalf of investors. In addition, the FCA has banned the use of the refer-a-friend service as part of measures to increase investor awareness of risks.
An Explanation of the Events Received from the FCA Official
Sheldon Mills, FCA Executive Director of Consumer and Competition, said in a statement that the decision to buy cryptocurrencies belongs to individuals, but many people act without thinking and regret it. Another issue Mills voiced was that the rules warn people about time and risk in order to make sound decisions.
Making statements by emphasizing the crypto rules, Mills said;
The crypto industry needs to prepare for this important shift now. We are working on additional guidance to help them meet our expectations.”
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