The UK’s Financial Conduct Authority (FCA) has announced that it will grant some cryptocurrency firms additional time to comply with new marketing regulations, including the 24-hour cooling-off period for first-time investors. These regulations, introduced in June, impose stringent requirements on the marketing of crypto assets by companies operating globally.
Most of the rules will still take effect in October, requiring all crypto marketing to be clear, fair, not misleading, and accompanied by prominent risk warnings. Additionally, marketing should avoid inappropriate incentives like “refer a friend” bonuses. However, firms that need more time to implement features involving significant technical development, such as the 24-hour cooling-off period, can apply for an extension until January.
It’s essential for crypto firms to prepare for these regulatory changes as failure to comply past the October deadline could result in criminal offenses, with penalties including unlimited fines and up to two years of imprisonment for those continuing to promote crypto to UK customers without adhering to the rules.
By FCCT Editorial Team
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