Cryptocurrency companies that have received FCA approval and are registered under the Anti-Money Laundering Act can apply to the agency to request more time to comply with the rules for promoting crypto assets. In June, the agency published rules for advertising cryptocurrency products and services, and these rules are set to come into force on October 8.
The FCA’s head of consumer investment, Lucy Castledine, said that the regulator is ready to take a reasonable approach to the crypto industry. Therefore, industry companies are given more time to make the necessary changes to their business processes. The agency promises to closely monitor companies throughout the entire period, since many foreign and unregulated cryptocurrency platforms may not be ready to work under the new rules.
“From October 2023, cryptocurrency companies must offer their products to UK consumers as transparently and fairly as possible. Companies have a responsibility to warn people about possible risks,” Castledine said.
In July, the FCA issued further guidance making the promotion of digital assets through advertising memes subject to local advertising laws. That same month, the British Parliament began considering a bill that would allow authorities to confiscate and freeze crypto assets associated with criminal activity.
Source: Bits
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