In line with the financial regimes regulated by the FCA, crypto firms in the UK can face large fines.
According to the UK’s financial regulator, the FCA, the proposed advertising rules in the UK focus more on the crypto industry. Under these rules, executives of crypto organizations can be jailed for up to two years for failing to meet promotion-related requirements.
FCA Moves On Crypto Ads In The UK!
The UK Financial Conduct Authority (FCA) has announced that if the “financial promotion regime” proposal is approved, crypto entities will have to comply with requirements when promoting their services in the UK.
“Crypto-asset businesses marketing to UK consumers, including firms based abroad, should be prepared for this regime,” the FCA said.
According to this advertising proposal proposed by the FCA, crypto firms will need to obtain authorization from the FCA or have an exemption under the Financial Promotion Order to advertise their services.
In addition, FCA said;
“Crypto firms marketing in the United Kingdom should be prepared for this regime, foreign-based companies are also included in this regime. Taking action now will help UK consumers continue to make their legal promotions. We encourage all crypto companies to get suggestions.
Referring to the advertising and promotion methods of crypto organizations, the FCA determined that there are only four different ways to go. The regulator stated that the necessary sanctions, including imprisonment of up to two years, can be applied to organizations that act outside of these determined ways.
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