The UK Regulator Did Not Include Cryptocurrencies In The New Advertising Rules
The UK Financial Conduct Authority (FCA) has approved stricter rules to combat misleading advertising associated with high-risk investment products. This is stated in the press release.
The requirements do not affect cryptocurrencies. According to the FCA, the final rules for the promotion of digital assets will be approved after the government and parliament confirm that this area is within the regulator’s competence.
“These rules are likely to follow the same vector as for other high-risk investments. Cryptocurrencies remain high-risk [products], so people should be prepared to lose all their money if they decide to invest,” the statement said.
The FCA stressed that the new requirements are designed to help consumers better understand investment risks. According to the authorities, this will allow citizens to choose financial products that suit their experience.
In January 2022, the regulator published a draft advertising regulation introducing a ban on marketing campaigns without assessing users’ financial knowledge and experience. Norms were not extended to non-fungible tokens.
Previously, the UK Advertising Standards Authority began considering adding a disclaimer to cryptocurrency-related ads.