The UK will soon implement crypto promotion laws to ensure consumer safety, requiring authorization and accuracy in advertising. Learn more about the upcoming regulations.
Crypto promotion laws will come into effect in the UK this year. The new laws are expected to be implemented towards the end of 2023, pending approval by the UK Parliament. The UK Treasury announced on Twitter that it is working towards the laws' implementation by the end of the year.
According to proposed changes to the Financial Services and Markets Act, the Financial Conduct Authority will regulate crypto companies. Under the current promotion laws, crypto companies will also be regulated, and the UK government aims to protect consumers from "misleading crypto asset promotions."
The legislation also includes a limited-time exemption that will allow FCA-registered crypto companies to approve their own ads. Some companies are authorized under the FSMA to approve their own ads, but crypto firms fall outside of this scope.
If third-party crypto ads require approval, the cost of approval is estimated to be between £5,000 to £15,000 depending on the complexity of the materials.
With the implementation of these new laws, the cryptocurrency market in the UK will be regulated more tightly, and consumers' safety will be protected. However, there are still uncertainties regarding the application and effects of the law.
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