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Crypto Advertisers Face Jail for Not Complying With UK Advertising Rules

2 mins
Updated by Geraint Price
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In Brief

  • The U.K. FCA has announced new rules for crypto advertising.
  • A breach of these rules may result in imprisonment for up to two years.
  • The U.K. is in the second phase of crypto regulation.
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The United Kingdom Financial Conduct Authority (FCA) has warned of robust actions against firms not complying with its advertising laws.

Crypto crimes and advertisements that potentially misguide investors are some of the biggest hurdles to the U.K.’s vision of becoming a global crypto hub.

The country has been extra cautious against crypto advertisements, especially since the collapse of FTX. Most notably, the regulatory authorities have constantly clashed with for “misleading advertising.” The FCA has released a statement warning the crypto firms to adhere to its new promotions regime.

Law-Breakers Face Jail Time

The FCA statement reads: “All cryptoasset firms marketing to U.K. consumers, including firms based overseas, will soon need to comply with the new U.K. financial promotions regime. Firms must start preparing now for this regime. We will take robust action against firms breaching these requirements.”

According to this new crypto advertising policy, four criteria make a firm eligible to advertise its crypto offerings:

A screenshot from FCA statement
Source: FCA statement

If parties break these rules, they are liable for a “criminal offense punishable by up to two years’ imprisonment.” This new regime will soon come into action after passing through the parliament.

U.K. Accelerating Towards Crypto Regulation 

The U.K. has taken significant steps towards crypto regulation. The government is equipping itself to fight blockchain-related crimes with a specialized “Crypto Cell” under the National Crime Agency. It is also exploring regulatory environments for stablecoin payments.

The government is working in phases to regulate cryptocurrency. It entered the second phase last week, when the Finance Ministry asked for feedback from the industry stakeholders on crypto regulations.

Got something to say about FCA, U.K. crypto regulations, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.