{"id":151669,"date":"2023-09-07T23:08:28","date_gmt":"2023-09-07T17:38:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=151669"},"modified":"2023-09-07T23:08:28","modified_gmt":"2023-09-07T17:38:28","slug":"uk-financial-watchdog-could-give-crypto-firms-until-january-2024-for-marketing-compliance-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/uk-financial-watchdog-could-give-crypto-firms-until-january-2024-for-marketing-compliance-crypto-news\/","title":{"rendered":"UK financial watchdog could give crypto firms until January 2024 for marketing compliance – Crypto News"},"content":{"rendered":"
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The United Kingdom\u2019s Financial Conduct Authority, or FCA, has reiterated its warning for all crypto asset firms marketing to users in the country to be in compliance with rules going into effect in October 2023, but added companies could have \u201cmore time to implement certain changes\u201d.<\/p>\n

In a Sept. 7 notice, the FCA said<\/a> crypto firms operating in the U.K. could have until January 8, 2024 to address technical issues related to its financial promotions regime if granted approval. The financial watchdog announced the rules<\/a> aimed at curbing aggressive marketing by crypto firms in June, saying that companies would have to provide \u201cclear, fair and not misleading\u201d ads or risk criminal charges.<\/p>\n

\u201cCrypto firms must market to UK consumers clearly, fairly and honestly,\u201d said FCA consumer investments director Lucy Castledine. \u201cThey must provide risk warnings people understand. As a proportionate regulator, we\u2019re giving firms that apply a little more time to get the other reforms requiring technology and business change right.\u201d<\/p>\n

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From 8 October 2023, #crypto<\/a> firms must market to UK consumers clearly, fairly and honestly, and must also provide risk warnings people understand. https:\/\/t.co\/cqxj1jVtAT<\/a><\/p>\n

\u2014 Financial Conduct Authority (@TheFCA) September 7, 2023<\/a><\/p><\/blockquote>\n

According to the financial watchdog, promotions falling under the compliance regime included \u201cwebsites, mobile apps, social media posts and online advertising,\u201d which were \u201ccapable of having an effect in the UK\u201d and not limited to firms based in the country. The FCA suggested that it could pursue \u201crobust action\u201d against firms including adding company names to a warning list and requesting removal of social media accounts and websites.<\/p>\n

Related: <\/em><\/strong>UK\u2019s Travel Rule comes into effect, could halt certain crypto transfers<\/em><\/strong><\/a><\/p>\n

The modification of the enforcement rules, according to a Sept. 7 letter, came<\/a> in response to crypto firms \u201cnot sufficiently considering how certain rules apply to the specifics of the cryptoasset services they provide\u201d as well as significant changes required to be in compliance. Only firms granted approval will have until Jan. 8 \u2014 others face an Oct. 8 deadline.<\/p>\n

\u201cWe understand the challenges firms have faced in preparing for the financial promotions regime. This will be the first conduct regime for the sector and represents a fundamental change to how cryptoasset activities are regulated in the UK.\u201d<\/p><\/blockquote>\n

In addition to complying with the FCA\u2019s marketing regime, companies must register with the regulator to \u201ccarry out crypto asset activities\u201d in the United Kingdom. At the time of publication, the FCA listed<\/a> 42 registered crypto firms in compliance with its requirements.<\/p>\n

Magazine: <\/em><\/strong>Billions are spent marketing crypto to sports fans \u2014 Is it worth it?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom\u2019s Financial Conduct Authority, or FCA, has reiterated its warning for all crypto asset firms marketing to users in the country to be in compliance with rules going into effect in October 2023, but added companies could have \u201cmore time to implement certain changes\u201d. In a Sept. 7 notice, the FCA said crypto […]<\/p>\n","protected":false},"author":2,"featured_media":151670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-151669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151669"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151669\/revisions"}],"predecessor-version":[{"id":151672,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151669\/revisions\/151672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151670"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}