Violating advertising of cryptoassets faces an unlimited fine and imprisonment for up to two years. This emerges from a special section of the new guidelines FCA.
They are in addition to the recently passed Financial Services and Markets Act, which affects the regulation of the cryptocurrency sector in the UK.
“[Раздел] S21 […] applies even in cases where the message comes from abroad, if it is capable of influencing the territory of the country”, — says in the document.
The Block suggested that creators of ads promoting cryptoassets may need to include a disclaimer.
The updated rules could be critical for meme token projects based on related memes, the publication added.
The document also talks about extending S21 to “finfluencers” — financial opinion leaders.
According to the FCA, posts on Reddit and Telegram may contain unintentional advertising. Finfluencers may not realize that they are subject to S21 restrictions.
Previously, the FCA warned crypto industry participants to comply with the promotions regime, which will come into force on October 8, 2023.
Recall that in May, the UK authorities warned that, as part of the fight against fraud and cybercrime, they would ban cold calls used in the sale of financial products, including digital assets.
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