Cryptoasset promotions

Following a consultation on restrictions to promote certain cryptoassets in UK and the publication of a consultation outcome paper and the issuance of a corresponding Policy Statement, the HM Treasury has now updated this Policy Statement in light of recent market turmoils involving cryptoassets as described below.
#### Background
To recall, in July 2020, the HM Treasury launched a consultation on a proposal to bring the promotion of certain types of cryptoassets within the scope of financial promotions regulation (The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529)). The objective of the proposal was to promote responsible innovation and to enable consumers to make informed decisions by ensuring that cryptoasset promotions are subject to Financial Conduct Authority (FCA) rules in the same way as promotions of other financial services products with similar levels of risk.
In January 2022, the HM Treasury published its consultation response paper which outlined the feedback it had received to its consultation. The feedback was thereby overwhelmingly positive and therefore, the Treasury set out a final policy document with an upcoming regulation to require that the promotions of in-scope cryptoassets offered by firms and individuals not themselves registered in UK be approved by authorized person under the Financial Services and Markets Act 2000. In order to not basically ban financial promotions for in-scope cryptoassets due to the fact that too few or no authorized persons are willing or able to approve such promotions, the Treasury temporarily would exempt cryptoassets from this restriction so long as their providers are registered under Section 54 of the „Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692).
#### Today’s action
Due to the above mentioned market turmoils and considering the fact that the final regulation – which is currently under scrutiny of the UK Parliament – would not come into force six months following the passing of legislation, the HM Treasury has now modified this policy to state that the implementation date will be reduced by two months which means that the restrictions set out in the Policy Statement will apply four months after the passing of the legislation.