Final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime


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Published
Sep 22nd '23
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The UK Government has legislated to bring certain cryptoassets within scope of the financial promotion regime. All firms marketing cryptoassets to UK consumers, including firms based overseas, must comply with this regime.

 

The definition of a financial promotion is intentionally broad and would include communications made through a website or an app.  The Financial Conduct Authoirty (FCA) expect that the vast majority, if not all cryptoasset firms providing services to UK consumers will be in scope of this regime when it comes into force.

 

This regime is important for reducing and preventing harm to consumers from investing in cryptoassets that do not match their risk appetite. It is up to consumers to decide whether they buy crypto, but they should do so on the basis of fair and accurate information that helps them make effective investment decisions. The regime will also create a fairer and more consumer-focused landscape in which firms can compete and innovate. Firms can most effectively compete in the interests of consumers where consumers have the information that helps them make effective investment decisions. The rules the FCA has applied to cryptoasset promotions are consistent with those that apply to promoting other high-risk investments.

 

Download, here (PDF).

 

Source: FCA

 

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Need some promotional advice? If you want to understand more about how to make sure your marketing materials meet FCA standards, please click here.

 

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