News - Time is running out for crypto providers in the UK

By Mike Hesp

Time is running out for crypto providers in the UK

The fact that stricter rules will soon apply to crypto advertising in the United Kingdom does not seem to matter to many providers. The Financial Markets Authority has now sent a final warning.

The UK's Financial Markets Authority has issued a "final warning to unregistered crypto companies" sent. The background is upcoming regulations on financial advertising.

Stricter consumer protection requirements will require crypto providers in the future to point out risks in advertisements.

"All companies selling cryptoassets to UK consumers, including those based abroad, will have to comply with these regulations," the authority said. "We expect that the vast majority, if not all, cryptoasset companies providing services to UK consumers will fall within the scope of this regulation when it comes into force."

Crypto providers have been fully informed of the changes, the FCA said. "However, we are concerned about the lack of involvement of many unregistered, overseas crypto companies," the FCA said.

Only 24 companies responded to a survey of 150 firms, the FCA said.

"This lack of commitment gives us serious cause for concern about the willingness of unregistered companies to comply with the new regime."

Violations are a criminal offense, according to the FCA, "punishable by imprisonment for up to two years, an unlimited fine, or both."

The rules will be implemented on 8 October.

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