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FCA crypto promotion alerts

Oct 10, 2023 10:22:53 AM

What has happened? 

In October 2023, the FCA announced that it had issued 146 alerts about cryptoasset promotions on the first day of the new cryptoasset promotions regime, details of which are available here.

What are the key points?

The FCA expects businesses, including social media platforms, app stores, search engines, domain name registrars and payments firms to consider the alerts issued and to play their part in protecting UK consumers from illegal crypto promotions.

Consumers are urged to check the Warning List of unauthorised firms and individuals (available here) before making any crypto investment. The list is intended to help consumers understand where firms' promotions may be breaking the law and to consider the promotion with the full information available to them.

The FCA takes a risk-based approach, so not all firms of potential concern will be added to the Warning List straightaway. This list will be continually updated as the regulator identifies firms that may be illegally communicating cryptoasset promotions and are failing to engage with it constructively. It comments in this regard that Where firms are engaging with the FCA in good faith with a view toward achieving compliance we are taking a proportionate approach to implementation.

How can Thistle Initiatives help? 

Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with FCA regulation. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.

Are you looking for help with your crypto financial promotion arrangements, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk. We can help you with:

  • Ascertaining whether your method of approving promotions is lawful,
  • Reviewing promotions issued on any media, including websites and social media,
  • Reviewing your risk warnings
  • Reviewing your use of positive frictions,
  • Drafting policies and procedures, and
  • Arranging training for your staff