On June 8, 2023, the United Kingdom’s Financial Conduct Authority (FCA) announced that from October 8, 2023, crypto influencers in the U.K. would need to follow stricter regulations, stated Cointelegraph.
As reported by Cointelegraph, the crypto exchanges in the U.K. will add a “cooling-off period” for new investors. Supposedly, the FCA will not allow “refer a friend” bonuses by organisations in this market.
“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations,” Sheldon Mills, executive director of consumers and competition, Financial Conduct Authority (FCA), explained.
As per the new regulations, crypto companies need to verify that users have the knowledge and experience to engage in crypto investments. Furthermore, those advertising about cryptocurrencies should include clear risk warnings and should not contain any wrong information, Cointelegraph concluded.
(With insights from Cointelegraph)
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