ChainCatcher news, according to CoinDesk, the UK crypto lobbying group CryptoUK stated that the Financial Conduct Authority (FCA) plans to ban cryptocurrency incentives, which could force crypto companies to relocate out of the country. They are calling for the FCA to provide clearer guidance on the upcoming cryptocurrency advertising rules, specifying what constitutes "qualified crypto assets" and "financial promotions."ChainCatcher previously reported that the FCA's new advertising rules are set to stipulate that, starting from October 8, 2023, companies marketing crypto assets to UK consumers will need to introduce a 24-hour cooling-off period for first-time investors and prohibit marketing that includes "refer-a-friend" rewards.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) jointly issued a warning to social media "finfluencers," demanding that they cease promoting illegal "get rich quick" schemes or face enforcement action. The warning statement mentioned cryptocurrencies and NFTs, stating: "The Advertising Standards Authority is responsible for regulating the promotion of other financial products, including cryptocurrencies, fan tokens, and NFTs, and ensuring that all advertisements are responsible. If your posts violate the rules, the ASA will take action."In addition to conducting "due diligence," social media influencers should also seek FCA approval and ensure that advertisements are legal, truthful, and properly labeled as advertisements according to ASA rules. The warning also stated: "When in doubt, do not promote. Illegally promoting financial products or services is a crime, punishable by up to two years in prison and unlimited fines." (Cointelegraph)

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has stated that cryptocurrency companies marketing to UK consumers must prepare for the financial promotion regime. All cryptocurrency companies marketing to UK consumers, including those based overseas, will soon need to comply with the UK's new financial promotion regime. The UK government is expected to adjust the financial promotion regime later this year, and any violations by crypto companies could result in up to two years of imprisonment. (Reuters)