City AM – There’s a new sheriff in town
FCA’s new crypto advertising rules met with mixed industry response
CITY AM SAYS The Financial Conduct Authority’s new rules surrounding the marketing of digital assets have been met with a mixture of confusion, enthusiasm and a bit of mild despair by the crypto industry.
The FCA’s new set of rules come into force from today, presenting some sweeping changes to the way cryptocurrency companies advertise their products.
Some of the new legislation will impose a ‘cooling off’ period that will allow investors up to 24-hours to complete a transaction, thereby allowing them to pull out of a trade.
Further rules will see ‘refer a friend’ promotions banned, and guidelines ensuring all marketing materials are “clear, fair and not misleading”. The new regulations will apply to all transferable digital assets, with the exclusion of non-fungible tokens (NFTs).
