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England wants to regulate crypto advertising

 


The UK Treasury wants to tighten regulation of advertising for crypto services. With this step, the government wants to strengthen consumer protection in England.



In a draft regulation, the Ministry of Finance in England is promoting stricter regulations for crypto advertising.

Accordingly, crypto services should also be subject to the Financial Promotions Legislation.

“This means that the promotion of cryptoassets is subject to FCA regulations, following the same standards that apply to other financial products such as stocks, securities and insurance products,” the department’s press release said .

According to Finance Minister Rishi Sunak, the aim is not to hinder the up-and-coming industry, but rather to ensure that the rules of the game are fair.

Under the Financial Services and Markets Act 2000, companies cannot advertise financial products unless they are registered with the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).

The aim of the regulation is to ensure consumer protection among the estimated 2.3 million crypto users in England.

Parliament still has to approve the bill.

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