FCA introduces new rules for marketing cryptoassets

Cryptocurrency coins.

Those marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first time investors from October 8, 2023, under new advertising rules announced by the FCA.

As part of a package of measures designed to ensure those who buy crypto understand the risk, ‘refer a friend’ bonuses will also be banned. 

The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto. Those promoting...

Crypto firms failing to meet anti-money laundering standards, warns UK watchdog

A pile of bitcoins.

A substantial amount of cryptocurrency businesses are not meeting the minimum anti-money laundering and counter-terrorism requirements set by the UK’s Financial Conduct Authority (FCA).

As of January 2021, cryptocurrency-related companies have had to register with the authority before doing business.

The FCA said it “will only register firms where it is confident that processes are in place to identify and prevent this activity”.

Just five companies are...