🇬🇧 UK FCA Extends Time for New Rules for Crypto Companies 📅

The UK Financial Conduct Authority (FCA) has given crypto firms time to enforce strict marketing rules created to protect consumers. The basic rules will come into force on 8 October 2023, while measures requiring further technical development can be implemented from 8 January 2024.

The FCA has labeled cryptocurrencies as high-risk investments and warned those who buy such assets should be prepared to lose all their money. The regulator stated that crypto marketing materials must be clear and labeled with risk warnings.

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.