Treasury to make rules on misleading crypto ads

Treasury has confirmed that the Government plans to legislate to address misleading cryptoasset promotions. It proposes to do so by brining the promotion of cryptoassets within the scope of financial promotions legislation and thereby applying all the same standards to these promotions as apply to promotions of financial products and services already covered by the regime.

The changes will be made through changes to the FPO and FCA will have appropriate powers to regulate the market – and will itself consult shortly on proposed cryptoasset financial promotion rules.

The new legislation will be brought forward once Parliamentary time allows, and the Government is proposing a transitional period of around 6 months from finalisation and publication of the new law and regulatory requirements.