UK Financial Executive Authority ( FCA), seems determined to tighten up the rules on crypto ads.
FCA, in an announcement on June 8, from October 8 Unified in the Kingdom Ads for crypto services will be subject to stricter regulation, he said. The Observer has mandated that crypto companies in the UK apply a cooldown period for the first time on behalf of investors. Moreover FCAhas banned the use of the refer-a-friend service as part of measures to increase investor awareness of risks.
An Explanation of the Events Received from the FCA Official
Sheldon Mills, FCA Executive Director of Consumer and Competition, said in a statement that the decision to buy cryptocurrencies belongs to individuals, but many people act without thinking and regret it. Another issue Mills voiced was that the rules warn people about time and risk in order to make sound decisions.
Making statements by emphasizing the crypto rules, Mills said;
The crypto industry needs to prepare for this important shift now. We are working on additional guidance to help them meet our expectations.”
