The UK FCA issues a POLICY AND GUIDE on financial promotion rules for CRYPTOASSETS
The Financial Conduct Authority has published their
- Policy Statement on financial promotion rules for cryptoassets
- Guidance Consultation for cryptoasset financial promotions.
In Summary :
- The Guidance Consultation (GC)
- Sets out the high standards the FCA expect of firms marketing cryptoassets to UK consumers so that their promotions are fair, clear and not misleading.
- Focuses on cryptoassets (stablecoins and commodity tokens) and related cryptoasset models that the FCA believe can cause significant consumer harm, such as algorithmic stablecoins and complex yield cryptoasset models, e.g., borrowing, lending, and staking.
- The FCA has also
- Included further guidance for financial promotions on social media, due diligence before communicating a financial promotion, and providing clarity over legal and beneficial ownership of cryptoassets and firms regulated status.
- Intend to use the GC to gather views on the risks and benefits of complex yield models to consumers to build an evidence base regarding the potential benefits, risks and use cases for borrowing, lending and staking models.
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