The Financial Conduct Authority (FCA) wrote to firms marketing crypto-assets to comply with its incoming financial promotions regime.
FCA wrote to firms marketing crypto-assets in the UK to comply with its incoming financial promotions regime.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Financial Conduct Authority wrote to firms marketing crypto-assets to UK customers to comply with the incoming financial promotions regime or risk criminal charges.
The FCA's order is effective from 8 October, and includes overseas firms that market their products to UK customers., FCA crypto financial promotions lead Jayson Probin said,"Failure to comply may result in firms committing a criminal offence... This is a critical change for the industry." "It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice," FCA executive director Sheldon Mills added.
The FCA has outlined the requirements for promoting crypto-assets in the UK, with four legal methods:An unauthorized person communicates the promotion, but an authorized person approves it.The promotion otherwise meets the conditions of an exemption in the Financial Promotion Order.
Those seeking registration with the Financial Conduct Authority must be prepared for a stringent application process, pay a registration fee, and wait for up to three months.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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