Today the Financial Conduct Authority (FCA) announced a new set of rules for marketing crypto-assets that are expected to come into force on 8 October 2023. They apply to anyone targeting UK investors, including organizations based outside of the UK.
It also published its latest consumer survey that showed 9% of adults of around 4.97 million people own crypto in the UK. However, almost 40% of people own less than £100.
The rules require any promotion to be fair, clear and not misleading. And it must include a risk warning. Incentives such as refer-a-friend bonuses are not allowed. Plus, there is a 24 hour cooling off period for first time investors. However, if it takes 24 hours for the investor to go through know your customer (KYC) procedures, that counts as cooling off.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
