The Financial Conduct Authority’s crypto asset promotion rules went into effect on Monday, and the agency had a busy day — issuing 146 alerts in 24 hours, with firms being given an opportunity to engage with the FCA to correct marketing before more formal steps are taken.
The rules mandate that firms marketing cryptocurrencies or related assets must be authorized and registered with the FCA, or have their marketing programs approved by a firm that the FCA has authorized.
The promotions must be “clear and not misleading” and labeled with risk warnings about the dangers of investing in cryptocurrency.
“These changes bring crypto assets in line with other high-risk investments,” the FCA said in a release.
