The UK Government introduced on Tuesday (Jan.18) its plans for strengthening measures to fight “misleading” cryptocurrency ads. The Finance Minister Rishi Sunak announced that crypto advertisers will have to follow the same rules as financial ones do. The point is to prevent marketers from using ambiguity in their advertising content.
Currently, advertisers of financial products have to receive the FCA (Financial Conduct Authority) permission. According to the Government proposals, the existing piece of legislation is to be amended so that it covers the crypto advertisement content as well.
In a statement on the matter, Minister Sunak elaborates that the cryptoassets do provide vast opportunities for investing money, but authorities have to make sure customers are not deceived by unscrupulous advertisers.
The greatest strength, and at the same time, the greatest weakness of cryptocurrencies is that they are practically unregulated. The Government might not have any impact on the crypto market itself, but it is going to tighten the regulations for the firms operating on the market.
The measures come after the barrage of criticism the FCA faced after staying idle when crypto ads flooded the London underground last year.
Although the affected parties are usually less than amused by the introduction of new regulations, this time around, reputable companies, such as Revolut, welcome the changes. According to Ed Cooper, the Revolut Head of Crypto, clear rules would gain customers’ respect and build up trust in the sector, in general.
Various surveys aimed at understanding population’s views on the crypto market, suggest that people, and especially young people, have mixed feelings about it. The new regulations might attract the respondents who consider crypto investment too risky, and define the market as a bubble that will sooner or later collapse. At the same time, changes will boost the confidence of those who believe that the cryptocurrencies are about to change the definition of money.
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