UK Financial Conduct Authority has issued a statement on 6 February following the government’s consultation response regarding the proposed regulations for cryptoasset financial promotions. If the new regime is approved by Parliament, all domestic and overseas crypto companies are required to comply with certain requirements when marketing their products to customers in the UK. The FCA lays down four possible routes for promotion to UK customers. The promotion shall either be communicated by an FCA-authorized person or an unauthorized person but approved by an FCA-authorized person. Some market participants could also be exempted to obtain the authorization under certain conditions. Failure to follow the above routes will be in breach of section 21 of the Financial Services and Markets Act 2000 (FSMA) and the responsible person could face up to 2 years in jail.
Source: https://cointelegraph.com
