The UK is tightening guidelines on crypto adverts to make sure they’re honest, clear and never deceptive

Advertisements

The UK government has announced plans to introduce new rules for cryptocurrency ads to ensure they are fair, clear and not misleading to consumers. The rules are enforced by the Financial Conduct Authority (FCA).

UK to impose new rules on crypto ads

The UK government on Tuesday announced plans to introduce new rules on cryptocurrency advertising to “protect consumers from misleading claims.” The announcement states:

New regulations will improve consumer protection while encouraging innovation.

UK Chancellor of the Exchequer Rishi Sunak commented: “Crypto assets can offer exciting new opportunities and offer people new ways to transact and invest – but it is important that consumers are not sold products with misleading claims.”

The new rules will bring the promotion of crypto assets within the purview of financial promotion legislation to ensure they are “fair, clear and not misleading,” the government said, stating:

This means that the promotion of qualifying crypto assets is subject to FCA rules, which meet the same high standards to which other financial promotions such as stocks, equities and insurance products are bound.

While emphasizing that it is committed to supporting innovation, the UK government noted that “research conducted by the FCA has revealed the potential for misleading advertising of crypto products that could harm consumers.”

Under the UK Financial Services and Markets Act 2000, a company may only advertise a financial product if it is authorized by the FCA or the Prudential Regulation Authority (PRA) or the content of the advertisement has been approved by a firm which the Government has determined adds:

This gives the Financial Conduct Authority the power to regulate the market more effectively.

Recently, the UK Advertising Standards Authority (ASA) took action against misleading crypto ads. In December, the UK advertising regulator banned seven crypto ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp and Exmo. In November, it cracked down on ads for the cryptocurrency Floki Inu (FLOKI).

What do you think of the UK government bringing crypto advertising under FCA jurisdiction? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In case you missed it


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Brazilian Senate Approves Cryptocurrency Legislation Venture Bitcoin

Brazilian Senate Approves Cryptocurrency Legislation Venture

The Brazilian Senate has approved a recently presented cryptocurrency policy, advancing the project to...

By wpadminsonic164
Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales Bitcoin

Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales

While there's a number of bitcoin whales that often get caught by blockchain parsers...

By wpadminsonic164
Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market Bitcoin

Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market

The Central Bank of Iran plans to launch the pilot phase of its digital...

By wpadminsonic164
Bitcoin’s Recreation Principle Has Countless Potentialities Bitcoin

Bitcoin’s Recreation Principle Has Countless Potentialities

Read "A Look At The Game Theory Of Bitcoin," the first part of this...

By wpadminsonic164
Digital Bitcoin Occasion Keyfest takes place in January Bitcoin

Digital Bitcoin Occasion Keyfest takes place in January

Casa, a Bitcoin security company, will host a virtual festival that will celebrate the...

By wpadminsonic164
Inventory Trade of Thailand to Launch Digital Asset Trade ‘Very Quickly’ Bitcoin

Inventory Trade of Thailand to Launch Digital Asset Trade ‘Very Quickly’

The Stock Exchange of Thailand is getting ready to launch a digital asset exchange....

By wpadminsonic164
Finance guru Dave Ramsey says crypto is “enjoyable”, stays right here and may be a part of portfolios Bitcoin

Finance guru Dave Ramsey says crypto is “enjoyable”, stays right here and may be a part of portfolios

Finance guru Dave Ramsey says crypto is "fun" and can be a small part...

By wpadminsonic164
Offchain Labs launches Arbitrum One Mainnet – startup raises $ 120 million Bitcoin

Offchain Labs launches Arbitrum One Mainnet – startup raises $ 120 million

On August 31, 2021, Offchain Labs announced the official launch of the Arbitrum One...

By wpadminsonic164

Latest Posts

Cardano Devs IOG Shared First Details of Third-Party Codebase Audit – U.Today Cardano

Cardano Devs IOG Shared First Details of Third-Party Codebase Audit – U.Today

Vladislav Sopov Input Output Global's peer-to-peer networking infrastructure underwent stress tests: engineers content Very...

By wpadminsonic164
5 Trillion Shiba Inu Selling | Luna Delisting | China & Bitcoin Videos

5 Trillion Shiba Inu Selling | Luna Delisting | China & Bitcoin

Hey Everyone Kaise hain aap Sab Telegram Channel - https://t.me/oyeeerahul1 Twitter - https://twitter.com/oyeee_rahul SIP...

By wpadminsonic164
Digital currency Prices Today May 19: Bitcoin drops, Ether stoops more than 4%; Polkadot greatest drag – Moneycontrol Polkadot

Digital currency Prices Today May 19: Bitcoin drops, Ether stoops more than 4%; Polkadot greatest drag – Moneycontrol

a,.special_wrapbx a{color:#333;font:400 11px Lato,sans-serif}.user_after_login a, .user_before_login a {color: #333333;font: 11px 'Lato',sans-serif;}.dropdown-menu{display:none;background-clip:border-box!important}.header_desktop .dropdown-menu>li{border-bottom:1px solid #e9e9e9}.header_desktop...

By wpadminsonic164
XLM Price Analysis: Bearish feeling yet to die down for Stellar – The Coin Republic Stellar

XLM Price Analysis: Bearish feeling yet to die down for Stellar – The Coin Republic

No result View All Result © Copyright 2022. The Coin Republic Are you sure...

By wpadminsonic164
Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com Binance

Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com

Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15M, Binance's Thai Exchange, $792M in...

By wpadminsonic164
Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times Binance

Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times

Elon Musk has raised $7.14bn of funding for his $44bn buyout of Twitter from...

By wpadminsonic164
New cryptocurrency race for the place of the Dogecoins – The 1000% positioned HUH token, the thetan enviornment and the magic token |  BTCMANAGER – BTCMANAGER Dogecoin

New cryptocurrency race for the place of the Dogecoins – The 1000% positioned HUH token, the thetan enviornment and the magic token | BTCMANAGER – BTCMANAGER

HUH token, Thetan Arena and Spell Token have proven to be hugely popular, although...

By wpadminsonic164
Cardano Whale Transactions Hit 4-Month High – The Coin Republic Cardano

Cardano Whale Transactions Hit 4-Month High – The Coin Republic

ADA Price at the time of writing – $0.5604It's market cap is down by...

By wpadminsonic164