Government set to tighten rules on 'misleading' cryptoasset promotions

Six month transition

The UK Government has laid out plans to address “misleading” cryptoasset promotions, bringing the regulation on advertising the products in line with other financial advertising.

Following a consultation, the government plans announced today (18 January) set out a six month transition timeline, which would end with the promotion of "qualifying cryptoassets" being subject to FCA rules in line with the standards applied to other financial promotions, including stocks, shares and insurance products. Crypto crime hit record $14bn in 2021 It stated this would "balance the desire to encourage innovation with the need to ensure that cryptoasset advertisements are fair, clear, and not misleading". The consultation was launched in response to research that suggested...