On 8th June the FCA announced that the financial promotions regime will apply to crypto assets from 8th October 2023.
Rules were also published regarding cryptoasset promotions as well as a guidance consultation (GC23/1) The FCA says that it is producing the new guidance to ensure that firms clearly understand its expectations around the requirement that financial promotions are fair, clear and not misleading.
The new rules and guidance will apply to all firms marketing cryptoassets to UK consumers, whether based in the UK or overseas. Robust action is expected to be taken against firms who breach the requirements.
Feedback on the cryptoasset guidance consultation is requested by 10th August 2023 and the FCA will then publish its final guidance once the consultation has closed. It is expected that this will also come into force on 8th October 2023.