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UK Government Addresses Misleading Cryptocurrency Adverts -Breaking

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The UK government corrects misleading cryptocurrency ads

According to HM Treasury reports, crypto-assets are becoming increasingly popular. At most 2.3 million UK citizens own cryptocurrency. However, research by the government says that a large number of citizens don’t fully understand cryptocurrencies and don’t know what they’re buying.

The majority of cryptocurrencies, such as, have not been regulated. Investors are left unprotected, and with no guarantees.

The UK government disclosed a plan “to bring the promotion of crypto assets within the scope of financial promotions legislation.” In other words, the promotion of cryptocurrency will be determined by FCA rulings, corresponding with high standards of other financial promotions applied to stocks, shares, and insurance products.

It is important that cryptocurrency ads be fair, simple, and clear.

According to Rishi, the Chancellor:

“Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but it’s important that consumers are not being sold products with misleading claims.

We are ensuring consumers are protected, while also supporting innovation of the cryptoasset market.”

The Flipside

  • At the moment, new rules don’t apply to NFTs.
  • Several crypto ads have been banned by UK watchdogs, including Arsenal fan tokens.

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