UK to crack down on misleading cryptocurrency ads
Reuters. – On Monday, the Treasury said the United Kingdom will crack down on “misleading” crypto advertising that could harm consumers.
Announcement Cryptocurrencies such as Bitcoin have increased, especially in London, which raised concerns about its effect.
The Treasury said about 2.3 million people in the UK It now owns crypto assets, but research suggests that understanding of what it is is in decline, The ministry said that some users may not fully understand what they are buying.
“Crypto assets can provide exciting new opportunities, offering people new ways to transact and invest, but it is important that consumers not sell products with misleading claims,” British Finance Minister Rishi Sunak said in a statement.
Ministry Economics and Finance presented the results of the public consultation About promotions for cryptocurrencies such as bitcoin.
Cryptocurrency announcements will fall within the scope of current legislation on financial promotions, according to the ministry.
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This means that the promotion of crypto assets that meet the requirements will be subject to the applicable rules. by the Financial Conduct Authority (FCA), This will subject them to the same rules of financial promotion of shares and insurance products, the ministry said.
The department added that the company will not be able to promote crypto assets unless they are licensed by the FCA or the Bank of England, or the content of the promotion has been approved by a company.
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