Ads for cryptocurrencies set to face increased scrutiny

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City minister Andrew Griffith commented: “We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology.

“But we must also protect consumers who are embracing this new technology –- ensuring robust, transparent, and fair standards,” he continued.

Financial promotions in the cryptoasset business are also being brought under tighter control.

Under the proposals, only cryptoasset businesses registered with the FCA for anti-money laundering purposes will be allowed to issue their own promotions.

A FCA spokesperson said: “We have been clear on the need for the financial promotions regime to be extended to cover cryptoassets. Cryptoasset businesses marketing to UK consumers, including firms based overseas, must start getting ready now for this regime. We expect to take a consistent approach to that taken for other high-risk investments.”