The United Kingdom (UK) Financial Conduct Authority (FCA) has published a finalized handbook on all the rules crypto firms must follow when promoting cryptocurrency.
“This Guidance is designed to help firms comply with our cryptoasset financialpromotion rules, in particular, the core requirement that promotions are fair, clear and not misleading,” the statement noted.
FCA Recognizes the Rapid Evolution of the Crypto Sector
FCA’s recently released handbook spans more than 200 pages. It details its purpose, intended audience, and the regulations that crypto firms must adhere to when promoting digital asset services.
However, while the FCA has classified it as a finalized guide, it has acknowledged the dynamic nature of the crypto market. It indicates that the rules may undergo modifications as regulations and market conditions evolve:
“We know the cryptoasset market is evolving rapidly and will keep this Guidance under review as market practice and regulation develops.”
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Crypto firms typically employ conventional advertising methods such as sponsorships at major events, traditional television, print, and radio. However, certain exceptions are recognized by the guidelines that do not require adherence to these traditional approaches.
“The financial promotion restriction does not apply if the promotion is communicated by an authorized person. The content of the promotion is approved by an authorized person.”
Crypto Firms: Broader Regulatory Perspective
The document emphasizes that firms should consider promoting their products in compliance with the law and accordance with regulatory requirements.
“Beyond the financial promotion restriction, firms will also need to consider whether any of their activities involving cryptoassets are regulated and whether they have the required authorisation and appropriate permissions to conduct their business in the UK.”
Additionally, it serves as a reminder to crypto firms that the UK government has not yet established regulations for cryptoassets. This means they do not qualify as a “specified investment under the Financial Services and Markets Act 2000.”
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