FCA issues guidance to help crypto firms comply with marketing rules
Update
Following a recent change in legislation, cryptoassets promotions targeting UK consumers now fall within the FCA’s remit. The regulator has introduced new rules designed to give people a better understanding of what they are investing in - and the risks entailed.
Following consultation, the FCA has published additional guidance to help crypto firms comply with the new marketing rules, as well as detailing how authorised firms should apply the Consumer Duty when communicating or approving financial promotions.
The FCA’s director of consumer investments Lucy Castledine said ‘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 industry and designed this guidance specifically to help crypto firms comply. We continuously seek input from the industry to help us get our rules, their implementation, and the support we offer right. This guidance is no exception, and we’re grateful for all the input we received during the consultation period.’
With the cryptoasset sector and the global regulatory environment developing fast, the FCA says it will continue to engage with firms and keep its guidance under review. It has previously published examples of good and bad practice in terms of firms’ preparations for the new financial promotions rules.
Links:https://www.fca.org.uk/news/news-stories/guidance-crypto-firms-help-them-comply-marketing-rules