information

FCA issues 146 alerts in first 24 hours of new crypto marketing regime

ID 25260

Following the coming into force of the new financial promotion rules for cryptoasset service providers (EventID 21585) and the publication of its expectations in this context (EventID 22920), the Financial Conduct Authority has published a first press statement. In it, the regulator informs that on the first day of the new regulatory regime, a total of 146 alerts were issued regarding promotions of cryptoassets. The FCA once again reminds involved entities, including social media platforms, app stores, search engines, domain name registrars, and payment companies, of their duties under the new regime and advises them to take these alerts seriously to protect UK consumers from unlawful cryptoasset promotions.
Since October 8, 2023, firms promoting cryptoassets in the UK must be either authorized themselves or have their marketing approved by an authorized firm before distributing any such financial promotions to clients, unless they are exempt otherwise from the new promotion regime. Promotions must thereby be clear, fair, and not misleading, with prominent risk warnings, and they should not unduly incentivize investments in cryptoassets. The rules apply to all firms promoting cryptoassets to UK customers, regardless of firms‘ locations or the technology they use for promotion.
In this context, the FCA notes that it will take a proportionate approach to enforcement for firms actively cooperating with the FCA to achieve compliance. As a consequence, not all firms will be immediately added to the warning list that was set up by the Authority to warn investors of crypto-asset service providers in violation of the law. However, the regulator will not refrain from taking robust actions, if such is necessary to protect consumers.

Other Features
AML
assessment
CDD/ KYC
crypto-assets
digital assets
eligibility
financial advisors
investment firms
investor protection
investor warning
investors
issuer
marketing
payment services
process
restrictions
retail investors
risk
securities
shareholders
standard
Date Published: 2023-10-09
Regulatory Framework: FCA Handbook
Regulatory Type: information

List of non-legal corrections and clarifications in the FCA Handbook

ID 26583
The Financial Conduct Authority (FCA) has published an updated version of its List of non- ...
Asset Management
information

Duty calls: Future-proofing finance for everyone

ID 26578
The Financial Conduct Authority (FCA) has provided an update on its key achievements and m ...
Asset Management
information

List of market makers and authorised primary dealers [pdf]

ID 26536
The Financial Conduct Authority (FCA) has published an updated list of UK authorized marke ...
Asset Management
consultation

CP23/31: Primary Markets Effectiveness Review: Feedback to CP23/10 and detailed ...

ID 26437
The Financial Conduct Authority, FCA, has issued a combined feedback statement and a new c ...
  • Topic Filter

    Top Tag Search
    Top Tag Search
    Top Tag Search
    Top Tag Search
You are on the training version of RISP core with limited functions and data. Please subscribe to RISP core for professional or academic use. We supply free real time datasets for approved academic research; professional subscriptions start at 950€ plus VAT per annum.

Compare Listings