Cryptoasset Financial Promotions Regime
United Kingdom
2023
Privacy
Overview
The UK's Cryptoasset Financial Promotions Regime came into force on October 8, 2023, under the Financial Services and Markets Act 2000. It mandates that firms promoting cryptoassets to UK consumers must comply with the financial promotion rules regulated by the Financial Conduct Authority (FCA). The goal is to enhance consumer protection and ensure promotions are clear, fair, and not misleading.The regime applies to crypto exchanges, wallet providers, fintech firms, investment platforms, and any business promoting qualifying cryptoassets to UK retail consumers. Firms must either be registered with the FCA under the Money Laundering Regulations or have their promotions approved by an authorized firm. Unauthorized promotions can result in criminal sanctions.
Key Obligations
- Obtain FCA registration or have promotions approved by an FCA-authorized firm
- Ensure all promotions are fair, clear, and not misleading
- Include mandatory risk warnings in all advertisements
- Implement a 24-hour cooling-off period for new customers
- Avoid using incentive-based promotions (e.g., refer-a-friend, bonuses)
- Maintain compliance monitoring and documentation for all communications
FAQ
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