The FCA in the UK has released further rules for crypto marketing and promotion of crypto assets in a detailed guidance document recently in the country.
The promotion of crypto assets is a regulated space in the United Kingdom. The Financial Conduct Authority (FCA) of the country released the rules for crypto marketing recently. It included regulatory clarity for crypto promotion, focusing on marketing and other promotional activities for crypto assets.
After the rules came into force, certain industry sections couldn’t comprehend some of its domains. The recent guidance document by the FCA is a step to clarify the doubts regarding the crypto promotion regulations.
At the same time, the Financial Conduct Authority published a press release on the document. The release reaffirmed the regulator’s cooperation with the crypto industry. It also highlighted the various aspects of the guidance document and its target group.
“While the new rules for firms marketing crypto to UK consumers are aligned with the existing rules for other high-risk investments, we’ve engaged extensively with the industry and designed this Guidance to specifically support crypto firms complying. We continuously seek industry’s input to get rules, their implementation, and the support we offer right,’ said Lucy Castledine, who serves as the Director of Consumer Investments at the FCA.
Meanwhile, the document stated it was not creating additional obligations for crypto firms. It also responded to particular feedback from the industry to the earlier regulations. Apart from the rules specified for promoting crypto assets, it also mentioned a new announcement. The press release also said a discussion paper for stablecoins will release soon in the UK.
The crypto-friendly activities of the UK government continue with the backdrop of the increasing popularity of crypto in the country. The measures may have paid off, as crypto activity has risen in the UK.
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