BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

FCA Establishes October 2023 Deadline for Crypto Marketing Compliance: Only Four Legal Routes Outlined

by Dan K
Jul 4, 2023 - 9:13 pm
in Regulation
The UK House of Lords in session discussing the upcoming crypto regulation bill.

FCA Sharpens Regulatory Focus

The United Kingdom’s Financial Conduct Authority (FCA) has ratcheted up its regulatory oversight of cryptoasset firms. In letters dated July 4, the FCA announced that all firms marketing to UK users must comply with its financial promotions regime by October 2023. The declaration spotlights the rapidly evolving landscape of digital assets and the increasing urgency for regulatory alignment.

Four Routes to Lawful Communication

In a move to ensure financial integrity and consumer protection, the FCA has defined “four routes to lawfully communicate cryptoasset promotions”. The accepted avenues include having an authorised party approve or communicate a promotion, generating promotions via a business registered with the FCA, or promoting offerings that qualify as exempt under the UK’s Financial Services and Markets Act.

Promotions, as delineated by the FCA, extend to “websites, mobile apps, social media posts and online advertising.” They encompass not only UK-based firms but also any promotional activities “capable of having an effect in the UK.”

Non-Compliance Could Lead to Criminal Charges

Crypto financial promotions lead at the FCA, Jayson Probin, warned in a July 4 LinkedIn post that non-compliance could culminate in criminal charges. The FCA notice echoed his sentiments, stating, “We will take robust action against persons illegally promoting to UK consumers.” Potential repercussions include firm placement on a warning list, requests for promotional take-downs, and enforcement action.

FCA’s Ongoing Regulatory Efforts

The October deadline was first publicised on June 8, with the FCA encouraging crypto firms to foster an approach that allows customers a “cooling-off period” to evaluate the risks of digital asset investment. The FCA warned that it might take up to three months to consider an application once the necessary information has been submitted.

Registration with the FCA is mandatory to “carry out crypto asset activities” in the United Kingdom, and as of this publication, 42 firms, including Bitstamp, Revolut, MoonPay and Galaxy Digital UK, are listed as registered and compliant. The regulator’s persistent efforts illustrate the FCA’s commitment to safeguard consumers amidst the rapid growth of the cryptoasset sector.

Tags: CryptocurrencyRegulationUK
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Do Kwon, Terraform Labs Co-founder, facing the challenges posed by the SEC.

SEC’s Extradition Request “Impossible,” Says Terraform Labs Co-founder Do Kwon

September 28, 2023

Terraform Labs' co-founder Do Kwon's lawyers challenge the SEC's request for U.S. questioning, citing "impossible" conditions and due...

Brian Armstrong, CEO of Coinbase, speaking about Chase UK's recent crypto restrictions.

Coinbase’s Brian Armstrong Calls Out Chase UK for Restricting Crypto Transactions

September 27, 2023

Brian Armstrong, CEO of Coinbase, condemns Chase UK's crypto restrictions, suggesting United Kingdom crypto users reconsider their banking...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise