UK government introduced new rules for crypto advertising
The same standards will be applied to digital assets as to other financial instruments
19.01.2022 - 15:00
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What’s new? The UK government has published new standards for cryptocurrency advertising. The advertising of digital assets will now be approved by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA).
What advertising standards has the government imposed? The UK has previously blocked two Crypto.com ads, so the government has decided to impose strict restrictions on this area. The digital asset sector should now comply with the same requirements as other financial instruments. The advertisements of crypto products have to undergo scrutiny from the FCA or PRA.
What do the government officials say about this? Chancellor of the Exchequer Rishi Sunak has said that the country is eager to support innovation in crypto assets and recognizes the potential benefits of certain products such as stablecoins. However, a study conducted by the FCA found that misleading advertising of crypto products may harm the consumer.
“Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest but it is important that consumers are not being sold products with misleading claims.”
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