The FCA Strengthens Cryptoasset Promotion Regulations to Protect UK Consumers.

The FCA Strengthens Cryptoasset Promotion Regulations to Protect UK Consumers.

The UK's Financial Conduct Authority (FCA) has announced changes to its legislation that will bring cryptoasset promotions under the FCA's remit. This means that social media outlets, app stores, search engines, domain name registrars, and payments firms now need to consider any alerts issued by the FCA concerning advertisements for illegal or potentially fraudulent cryptoasset promotions and ensure that they are actively taking steps to protect consumers from falling victim. The FCA is currently taking a risk-based approach and while not all such firms may be added to the watchlist immediately, this list will be continually updated as more firms exhibiting poor practices are identified. The FCA is reminding consumers that investing in digital assets carries high risks and they should be prepared to lose all their money when investing in this sector.