The UK FCA issues guidance on compliance for cryptocurrency promotions

ChainCatcher news, according to Cointelegraph, the UK's Financial Conduct Authority (FCA) has issued further guidance on compliance with cryptocurrency advertising. As of October 2023, the FCA has begun regulating the promotion of cryptocurrency services and continues to assist the industry in adhering to these regulations.

The FCA reviewed relevant companies to understand their implementation of cooling-off periods, risk warnings, customer classification, suitability assessments, record-keeping, and due diligence on crypto assets. The regulator identified some good and bad practices and emphasized that companies should work directly with the FCA to raise standards across the industry. Two weeks after the new rules came into effect, the FCA discovered over 200 violations and issued additional rules to facilitate the compliance process.