UK will give up to 2 years for illegal crypto-advertising
The United Kingdom's financial regulator has warned cryptocurrency companies that they should be prepared for new rules to promote products and services related to digital assets
In the UK, criminal liability will be introduced for non-compliance with the rules on advertising of cryptoprojects, which will be punishable by up to 2 years of imprisonment. Under the new policy, advertising of cryptocurrencies and related services must also be approved by the regulator.
British and foreign crypto-asset companies in the country's market will be able to advertise their products if they are registered with the FCA. Otherwise, promotion of crypto-asset products or services will be possible through authorized representatives of the FCA or with the approval of the regulator, subject to MLR rules.
Promotions that do not comply with these rules will be considered a violation of the law, punishable by up to 2 years in prison, the regulator said in a statement.
The U.K. Treasury Department has proposed a plan to realize the "ambitions" of a leader in the cryptosphere
A final version of the rules has not yet been published, but the FCA will warn cryptocurrency companies that they should be prepared for innovations in the promotion of cryptoservices. The new rules will be part of the Financial Services and Markets Act, which will form the basis of financial regulation in the U.K. The document is now before the country's parliament.
Late last year, FCA chief Nikhil Rathi said his agency is already being proactive and proactive in areas where it does not already have authority, including publicly warning of the risks of cryptocurrency investments and the "possibility of losing all your money." Meanwhile, Rathi noted that 85% of the companies that applied to the regulator's cryptocurrency registry did not pass the FCA's anti-fraud check.
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