The UK crypto boom is about to get saturated. Advertising-fueled surge in bitcoin trading appears to be on its way. To imposing significant speed limits in the United Kingdom. Announcing yesterday that it would broaden the scope of the regulator’s mandate. For the encompass cryptocurrencies, the country’s financial watchdog. Said it would tighten rules around the marketing of crypto assets., And may even put restrictions on who can participate in the digital assets. This follows the government’s announcement yesterday that it would broaden. The scope of the regulator’s authority to cover bitcoin.
Throughout the United Kingdom’s capital, adverts for cryptocurrency have appeared on billboards. Resulting in a surge in commerce that has resulted in a few reprimands. From the Advertising Standards Authority in recent years.
A total of seven cryptocurrency advertising were prohibited in December. By the Advertising Standards Authority,. Which said they were barred for “irresponsibly taking advantage of customers’ inexperience. And failing to adequately portray the risk of the investment.” As part of its future plans, the authority announced. That it intends to issue new recommendations on cryptocurrency marketing.
In the United Kingdom, it appears that the Financial Conduct Authority’s action. It will have a greater impact on the bitcoin bubble than the action of the Financial Conduct Authority.
Following the publication of its Consumer Investment Strategy last year. The Financial Conduct Authority (FCA) stated that it is taking action in response. To concerns about the “ease and speed” with which people. Can make high-risk investments. The FCA also stated that the proposed changes. Are in response to “concerns about the ease and speed”. With which people can make high-risk investments.
The FCA’s plan for the UK crypto laws will be confirmed by summer 2022
In addition to the planned restrictions on the marketing and adoption of cryptocurrency assets. The FCA is developing new new crypto laws, which the agency. Hopes to completed by the summer of 2022. As part of its overall strategy for new crypto laws.
Customers will only be able to respond to cryptoasset financial promotions. If they are also “classified as restricted, high net worth, or sophisticated investors.” According to a statement from the Financial Conduct Authority (FCA). Qualifying cryptoassets will be classified as “Restricted Mass Market Investments,” the FCA states.
“According to the statement, “firms that provide such promotions would obliged. To conform with FCA requirements, which include the obligation. For also being honest, fair, and not misleading.”
At this time, the ideas reviewed by the regulator. With responses also expected by March 23rd at the very latest.
In a statement, Sarah Pritchard, the FCA’s executive director of markets. Stated that “too many customers encouraged to invest in products. That they do not comprehend and that are too hazardous for them to undertake.” People need clear, fair information as well as proper risk warnings. In order to invest with confidence. And this is the primary purpose of our consumer investments approach.”
Additionally, a statement released yesterday by the government stated that. “The promotion of qualifying crypto assets will be also subject to FCA rules. Which will be in line with the same high standards that other financial promotions. Such as stocks, shares and insurance products held to.” “This means that the promotion of qualifying crypto assets will be subject to FCA rules. In line with the same high standards that other financial promotions. Such as stocks, shares, and insurance products.