🇬🇧 The UK Financial Conduct Authority (FCA) announced that it has extended the deadline for crypto companies to enforce strict marketing rules created to protect consumers. The basic rules will come into force on October 8, 2023, while measures requiring further technical development, such as a 24-hour waiting period, will be applicable from January 8, 2024. 🚀

The FCA has described cryptocurrencies as high-risk investments and warned that those who buy such assets should be prepared to lose all their money. Crypto firms are required to ensure that their marketing materials are clear and labeled with risk warnings to protect UK investors.

Crypto companies that fail to enforce the rules after October 8 and continue to promote digital assets to UK users will be punished with an unlimited fine or a maximum of two years in prison.

Crypto firms can apply for flexibility until January 2024 that will allow them to implement more technical measures such as a 24-hour waiting period, customer suitability testing and categorization features. The FCA has promised to take action against crypto companies illegally marketing to UK users from October 8.