The United Kingdom’s Financial Conduct Authority (FCA) said the new financial promotions regime would apply to crypto assets starting October 8.
In a July 4 letter, the financial regulator outlined several legal routes for firms to promote crypto assets to U.K. consumers.
These legal routes include communication by an authorized person, communication by an unauthorized person but approved by an authorized person, or communication by a firm registered under the FCA Money Laundering Regulations (MLRs).
Firms that do not use any of the three stated means must comply with the provision for exemption under the Financial Services and Markets Act 2000 Financial Promotion Order 2005.
Under this regime, crypto firms must “use specific risk warnings and positive frictions” in their ads and ensure that “their promotions are fair, clear and not misleading.”
The regulator promised to enforce this regulation strictly and threatened that violations would amount to a criminal offence punis
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