United

Read

Turtle

<div class="cryptonews">
 <p class="is-style-lead">The new regulation is considered one of the toughest in the world as it bans unauthorized <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms from marketing in the UK.</p>
 <p>The Economic Secretary to the Treasury, Andrew Griffith, has urged the Financial Conduct Authority (FCA) to find an easy way to regulate <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> advertisements in the UK. The Financial Times has learned this from a letter sent by Griffith to the regulator and seen by people familiar with the matter.</p>
 <p>In the letter, the British minister reportedly expressed concerns to FCA’s Nikhil Rathi that the regulator has not yet explained what crypto firms should do to meet the local requirements. In particular, Griffith asked the FCA to show “forbearance” with crypto firms as they seem unaware that their global websites might fall under the regulation.</p>
 <blockquote class="wp-block-quote">
  <p>“The conversations with the FCA and [Treasury] focused on the need for clarity around the regime — we want to avoid a situation where <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies choose to go dark in the UK.”</p> <cite>A spokesperson for a crypto firm</cite>
 </blockquote>
 <p>However, it looks like the FCA has not changed its stance on the matter, as Griffith reportedly sent the letter to the agency days before the new rules came into effect, and no updates have been made since then.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> UK ad regulator bans Crypto.com and Turtle United NFT advertisements
 </div>
 <p>Under the new rules, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms in the UK — even those not based in the country — must comply with strict regulations starting Oct. 8. Firms that fail to comply with the rules might eventually face an unlimited fine or up to two years imprisonment.</p>
 <p>It seems that the FCA’s objective with these rules is to ensure that crypto businesses maintain transparency and provide accurate information to consumers. By extending the compliance requirements to foreign-based companies, the regulatory body aims to create a level playing field and protect individuals within the UK from misleading or deceptive advertising practices.</p>
 <p>Earlier, the FCA warned companies engaging in the unlawful promotion of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies to consumers in the UK, emphasizing that strict measures will be taken against offenders, including the possibility of imprisonment for up to two years, significant fines without limits, or both.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> ByBit to pause operations in the UK following new crypto rules
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uk-politician-calls-on-fca-to-be-less-aggressive-on-crypto-ads-tbt66469.html">https://thebittimes.com/uk-politician-calls-on-fca-to-be-less-aggressive-on-crypto-ads-tbt66469.html</a></p>

UK politician calls on FCA to be less aggressive on crypto ads

TheBitTimes

Other articles published on Oct 16, 2023

Daily Analysis: BTC, ETH, BNB, XRP, SOL

Crypto Market Sees Varied Performances: INJ, BAND, and SOL Surge

Controversy Surrounds Elon Musk’s X Platform Following Suspension of Pro-XRP Account

MVL (MVL) Price Prediction 2024, 2025, 2030, 2040, and 2050

Binance halts new user registration due to UK crypto marketing regulations

ANET Stock Forecast: Can (NYSE: ANET) Make New Highs By December?

Join our free newsletter for daily crypto updates!